Normanton Park condo up for collective sale with reserve price of $800 mil
By Angela Teo
/ EdgeProp |
Normanton Park (below), a 23-storey, 488-unit condo located off Ayer Rajah Expressway, has been put up for sale by tender with a reserve price of $800 million. The price translates to $898 psf ppr, including development charges and a lease top-up premium, according to marketing agent Knight Frank.
With about 59 years left on its existing 99-year lease, the 661,000 sq ft site is zoned “residential” under the 2014 Master Plan. Going by the gross plot ratio of 2.1 under the plan, the maximum permissible GFA for the site is 1.39 million sq ft. This translates into 1,380 units of 1,000 sq ft each, says Ian Loh, Knight Frank’s executive director and head of investment and capital markets.
Based on the maximum permissible GFA and development charges payable as at March 1, the buyer is expected to pay a differential premium of $225.3 million for intensification of the site and $220.64 million for lease upgrading, Loh adds.
Source: Knight Frank
Normanton Park is situated within a private enclave that is 15 minutes away from the CBD, Knight Frank says. The tender exercise will close on Oct 5.
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