Flynn Park in Pasir Panjang has been sold for $371 million to a joint venture between Hoi Hup Realty and Sunway Developments, property consulting group Savills Singapore announced on Friday (Sept 10).
The sale price works out to approximately $1,355 per sq ft per plot ratio (psf ppr), which exceeds the $365 million reserve price, or $1,284 psf ppr, when the property was launched for sale by public tender on July 28. The development’s first attempt at a collective sale in June 2018 ended without a buyer.
Including 7 per cent bonus balconies, the land price works out to approximately $1,318 psf ppr.
The deal was brokered by Savills Singapore, which described this as the largest collective sale site sold so far this year.
Collective sales have been enjoying a revival in Singapore amid the rebound in the overall property market.
International Plaza in Tanjong Pagar was launched for sale earlier this month with a record reserve price of $2.7 billion.
Located along Yew Siang Road off West Coast Highway, Flynn Park comprises 72 apartments and sits on 208,443 sq ft of freehold land.