Freehold Flynn Park relaunches collective sale tender
Flynn Park, a freehold collective sale site off Pasir Panjang Road, has just been relaunched for sale by tender by sole marketing agent, JLL.
Flynn Park was launched for tender in May last year at the minimum price of S$363.8m and the tender closed on 29 June 2018 without a buyer.
Following the announcement of the July 2018 market cooling measures, the Collective Sale Committee (“CSC”) initiated to lower the reserve price by 10% to S$325 million. This was duly approved at the EGM, and owners who are supportive of lowering the reserve price started signing a Supplemental Agreement (“SA”) to effect this. This process requires owners representing at least 80 per cent by total share value and by total floor area to approve. At this juncture, owners representing more than 75 per cent by total share value and by total floor area have executed the SA.
The 72-unit development has a land area of about 208,443 sq ft. It is zoned “Residential” with an allowable gross plot ratio (GPR) of 1.4 under the 2014 Master Plan. Pre-Application Feasibility Study (“PAFS”) on traffic impact is not required by LTA for redevelopment of this site.
Flynn Park offers excellent accessibility to all parts of Singapore as Pasir Panjang MRT Station is at its doorstep. The Central Business District is just about 10 minutes’ drive away via the West Coast Highway and Keppel Viaduct.
The development is nestled in the established low-density Pasir Panjang residential neighbourhood. It provides a rare redevelopment opportunity for an upscale low-density living next to the nature. It is just next to the Canopy Walk - an elevated boardwalk linking Kent Ridge Park to Hort Park.
Additionally, the site is in close proximity to a wide range of F&B offerings ar Pasir Panjang Food Centre, Seah Im Food Centre, various earteries along Pasir Panjang Road. Shopping and recreational amenities are readily available a short distance away at VivoCity, Sentosa, Resorts Wold Sentosa/Universal Studios.
At the reserve price of S$363.8 million, the unit land rate is S$1,331 per sq ft per plot ratio. At the lower proposed reserve price of S$325 million, the unit land rate is about S$1,198 psf/pr. Both unit land rates are inclusive of an estimated development charge of about S$24.5 million.
The tender for Flynn Park closes on Thursday, 29 January 2019, at 3p.m.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
JLL has over 50 years of experience in Asia Pacific, with over 37,000 employees operating in 96 offices in 16 countries across the region. The firm won the ‘World’s Best’ and ‘Best in Asia Pacific’ International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the sixth consecutive year by Real Capital Analytics. www.ap.jll.com.
Contact: Tan Hong Boon
Phone: +65 6494 3673 / +65 9684 0607