Hoi Hup and Sunway jointly purchase Flynn Park en bloc for $371 mil
Hoi Hup and Sunway jointly purchase Flynn Park en bloc for $371 mil. Flynn Park, a condominium on Yew Siang Road in Pasir Panjang, has been purchased by a joint venture of Hoi Hup Realty and Sunway Developments. With a bid of $371 million, Hoi Hup Realty and Sunway Developments won the site.
The price corresponds to a land rate of $1,355 per plot ratio (psf ppr). If the 7% bonus balconies are factored into the gross floor area (GFA), the land rate comes to $1,318 psf ppr. The price includes a development charge of approximately $24 million to increase the plot ratio to 1.4 under the URA Master Plan 2019. The additional 7% bonus GFA requires an additional $16 million development charge.
The existing 72-unit condominium block at Flynn Park was built in 1986 and sits on a 208,443 sq ft elevated freehold plot. The site is only 350m from the Circle Line’s Pasir Panjang MRT station. According to Galven Tan, deputy managing director of investment sales and capital markets at Savills Singapore, which handled the sale, the site can be redeveloped into a new condominium with approximately 271 residential units. The property went on the market via tender at the end of July and closed on September 9. “The tender process for Flynn Park was hotly contested,” Tan adds. “The outcome demonstrates the site’s strong attributes – the unique opportunity to develop a premium product on the outskirts of the city center, just 350m from the MRT Station, yet right next to lush and matured nature parks.”
This was Flynn Park’s second attempt at a collective sale. Their first occurred in June 2018, just prior to the announcement of property cooling measures the following month. As a result, it was unable to find a buyer at the time. Flynn Park was the most expensive collective sale site sold in 2021, fetching $371 million. “We are delighted to have succeeded for the owners of Flynn Park on their second collective sale attempt,” Tan says. In a press release, Wong Swee Chun, chairman and managing director of Hoi Hup Realty, says, “We are very pleased to secure the tender of Flynn Park.” “It is a unique hillside plot with a panoramic view to the south.” It is peaceful, lush, and green, yet it is close to the MRT network and only minutes from the city. It will also greatly benefit from its proximity to the new Southern Waterfront development. We are excited to create a premium product on this one-of-a-kind site.”
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