Flynn Park In Pasir Panjang Enbloc Sale To Hoi Hup-Sunway

Flynn Park in Pasir Panjang is sold to joint venture Hoi Hup Realty and Sunway Developments when tender result was announced on September 10, 2021. The price tag is $371 million. This works out to be about $1,335 per square foot per plot ratio (psf ppr). At this price, it is more than the reserve price of $365 million or $1,284 psf ppr when the property was put up for public tender on 28th Jul 2021. In June 2018, the development’s initial effort at a collective sale failed to find a buyer.

Flynn Park In Pasir Panjang Enbloc Site

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Flynn Park In Pasir Panjang Is Highest Enbloc Sale Todate:

Savills Singapore handled this Flynn Park in Pasir Panjang purchase, which it characterised as the largest enbloc site sold thus far in 2021 at S$371 million. Coming in second is Maxwell House enbloc which sold at S$276.8 million, followed by Surrey Point enbloc at S$47 million. The next interesting enbloc site to take notice of is Peace Centre which is sitting in prime district 9 with a reserve price of S$650 million.

Collective sales have seen a resurgence in Singapore as the broader property market has recovered. It is also due to the current gross under supply of new condo units in the property market now. The last mass en bloc exercise when developers saw a need to replenish their land bank so as to build more new condo units to counter the short supply was 5 years ago, in 2016.

Tanjong Pagar’s International Plaza was listed for sale in early September 2021 at $2.7 billion high reserve price.

Flynn Park In Pasir Panjang Site Attributes & Surroundings:

Flynn Park in Pasir Panjang, located off West Coast Highway on Yew Siang Road, consists of 72 residential units sitting on 208,443 square feet of freehold parcel of land. The land price, with 7% bonus balcony, will work out to around $1,318 psf ppr. Plot ratio is 1.4.

With the Pasir Panjang MRT station a mere 350m from Flynn Park and coupled with its freehold land tenure, Flynn Park in Pasir Panjang will have its fair share of freehold lovers. It is located in the Rest Of Central Region (RCR) of District 5 and close to attractions like Sentosa and the Mount Faber cable car station. Mapletree Business Park and commercial nodes at One North will see a good stream of potential tenants. Nearby facilities include Vivocity mall and Pasir Panjang Food Centre.

It is indeed a rare freehold plot so close to the MRT station and yet adjacent to the 4.7 hectare huge and lush Kent Ridge Park.

Wong Swee Chun, chairman and MD of Hoi Hup Realty, described the Flynn Park in Pasir Panjang property as a special hill-side plot. The developer stated that the business is looking forward to creating a quality new condo launch on this rare site. Currently, Hoi Hup and Sunway are jointly marketing a new development along Brookvale Drive known as Ki Residences with a 999-year leasehold tenure. The last launch in this Sunset Way estate was back in year 2000 with the Freesia Woods introduction. Two other developments in this area date back into the 70s and 80s. Ki Residences will bring a new lease of life to the quaint neighbourhood.

Flynn Park In Pasir Panjang Nearby New Condo Launches:

A new launch condo in the vicinity of Flynn Park site is Kent Ridge Hill Residences (KRHR) KRHR is an enbloc of the former Vista Park sold to Oxley Holdings at S$418 million. This works out to around $1,096 psf ppr which includes approximately $72 million for topping up the lease of the site to 99 years. Another new launch condo in the same district 5 as KRHR and which also falls in the Rest Of Central Region (RCR) section is consistent best seller Normanton Park. This is an enbloc of the former Normanton Park which was sold to Kingsford Hurray Development at S$830.1 million. It works out to about $969 psf ppr which includes differential premium and also the topping up of lease premium to 99 years.

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Source: https://www.straitstimes.com/business/property/flynn-park-in-pasir-panjang-sold-en-bloc-for-371-million