Flynn Park in Pasir Panjang was sold enbloc for $371 million to a joint venture between Hoi Hup Realty and Sunway Developments in Oct 2021.
The redeveloped project is named Terra Hill.
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.
Flynn Park location as seen on Master Plan.
FLYNN Park in Pasir Panjang has been sold for S$371 million to a joint venture between Hoi Hup Realty and Sunway Developments, property consulting group Savills Singapore announced on Friday.
The sale price works out to approximately S$1,355 per plot ratio (ppr), which exceeds the S$365 million reserve price or S$1,284 ppr when the property was launched for sale by public tender on July 28. (The development's first attempt at an en bloc sale in June 2018 ended without a buyer.)
Including 7 per cent bonus balconies, the land price works out to approximately S$1,318 ppr.
Located along Yew Siang Road off West Coast Highway, Flynn Park comprises 72 apartments and sits on 208,443 square feet of freehold land. It is about 350m from Pasir Panjang MRT station and is near landmarks like Mapletree's business park and Sentosa, as well as amenities such as Pasir Panjang Food Centre and VivoCity.
Based on the Urban Redevelopment Authority's 2019 Master Plan, the site is zoned "residential" with a plot ratio of 1.4.
The owners of Flynn Park are taking a second stab at a collective sale of the 72-unit freehold condominium, after its first tender in June 2018 ended without a buyer.
The site, which is about 350m from Pasir Panjang MRT station, has a land area of about 208,443 square feet.
It is zoned for residential use with an allowable gross plot ratio of 1.4 under the Urban Redevelopment Authority's (URA) 2019 Master Plan.
The owners have set the reserve price for the property at $365 million, which works out to $1,284 per plot ratio, including a 7 per cent bonus gross floor area for balconies, said exclusive sole marketing agent Savills Singapore.
This is slightly higher than the $363.8 million reserve price when it was launched for collective sale back in June 2018.
The site can be redeveloped into a new upscale, low-density development of up to 271 units with an average size of 100 square metres.
The freehold 72-unit Flynn Park, off Pasir Panjang Road, has a minimum price of S$363.8 million.
Following the July cooling measures, owners have been collecting signatures to get an 80 per cent mandate to lower the reserve price to S$325 million; they are at 75 per cent now.
After factoring in an estimated development charge of about S$24.5 million, the original reserve price translates to S$1,331 per square foot per plot ratio (psf ppr). If enough owners sign the supplemental agreement to lower the reserve price, the site would go for about S$1,198 psf ppr.
The first tender closed in June without a buyer.
