All 1862 units at Normanton Park fully taken up in 18 months
All 1862 units at Normanton Park fully taken up in 18 months. The final apartment at Normanton Park, a 1,087 square foot, three-bedroom premium apartment on the second floor of one of the nine 24-story residential towers, reportedly sold earlier today (July 11) for $2,006,000 ($1,845 psf). This is according to the brokers’ live update. Normanton Park has 1,862 residential units and 8 strata commercial units, and it is entirely sold out right now. Additionally, the project, which was officially launched in mid-January 2021, completed this task in only 18 months. It is “extraordinary for a project of this scale to sell out in such a short period of time,” says Bruce Lye, managing partner of SRI.
The residential portion of Normanton Park consists of nine 24-story buildings with 1,840 apartments and 22 stratum terraced homes in each. Additionally, there is a row of seven strata-titled stores and one restaurant unit, all of which have sold out completely. The construction is located on a sizable 660,999 square foot, 99-year leasehold land. The project involves the renovation of the former Normanton Park, a privatized HUDC estate that was en bloc sold to Kingsford Huray Development in October 2017 for $830.1 million. A unit of Kingsford Development, a real estate developer with residential and commercial projects in China, Singapore, and Australia, Kingsford Huray Development was established in 2011.
When Normanton Park opened in mid-January 2021, about 555 apartments were sold at a median price of $1,760 psf, according to caveats submitted to URA Realis. The median price of recently sold condos was $1,868 per square foot, as per caveats submitted in June and July. And the majority of them are spacious 1,087 square foot, three-bedroom premium condos that sold for prices that ranged from $1.921 million ($1,767 per square foot) for a home on the 24th floor to $2.086 million ($1,919 per square foot) for a residence on the 22nd level.
According to caveats filed in March of this year, two neighboring one-bedroom units of 527 square feet each sold for $1.051 million, representing the highest per-per-foot price at Normanton Park. Normanton Park is situated in the outer reaches of the city or the Central Region (RCR). Since then, the pricing of new projects in the RCR have increased due to rising land prices, as Lye notes.
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