Choon Kim House, Flynn Park relaunched for en bloc sale

/ EdgeProp Singapore |
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Choon Kim House, a mixed-use commercial and residential development was relaunched for collective sale reserve price of $50 million on Jan 4. This was lower than the previous asking price of $55 million when the project was first launched for collective sale in April 2018. The first tender had closed without a deal.
The latest reserve price of $50 million has already received approval from over 80% of the owners in the development, says JLL, its sole marketing agent. The new reserve price translates to a land rate of $1,173 psf per plot ratio (psf ppr), or $1,149 psf ppr after factoring in the 10% bonus GFA for the residential component, which is subject to approval.
The owners at Choon Kim House have agreed to lower the reserve price to $50 million, from $55 million before (Photo Credit: JLL)
Located off Upper Serangoon Road, Choon Kim House is a freehold development with four storeys and an attic. It comprises 20 commercial units and 10 apartments with basement parking for 19 cars. The development was completed sometime in the early 2000s. Under the 2014 Master Plan, the 14,998 sq ft site is zoned for commercial and residential use with a gross plot ratio of 3.0, which implies a maximum gross floor (GFA) of 47,661 sq ft, inclusive of the 10% bonus GFA for the residential component.
The project is located within 700m of the Nex mall, which is integrated with the Serangoon bus interchange and the Serangoon MRT interchange station for the Circle and Northeast Lines.
Another collective sale site that was relaunched for tender on Jan 4 was Flynn Park, located just off Pasir Panjang Road. The project was first launched in May last year at a reserve price of $363.8 million, but closed without a bid.
To date, 75% of the owners at Flynn Park have agreed to lower the reserve price by 10% to $325 million (Photo Credit: JLL)
Following the announcement of the July 2018 market cooling measures, the collective sale committee initiated the move to lower the reserve price by 10% to $325 million. At this juncture, 75% of the owners have agreed to the lower reserve price. The committee needs 80% of the owners to sign the supplemental agreement on the lower reserve price.
The reserve price of $363.8 million reflects a land rate of $1,331 psf ppr, while the lower reserve price of $325 million translates to a land rate of $1,198 psf ppr. Both land rates include the development charge, estimated at S$24.5 million, says JLL, the sole marketing agent for Flynn Park.
Flynn Park is a 72-unit development sitting on a freehold, 208,443 sq ft site. It is zoned for residential use under the 2014 Master Plan with a gross plot ratio of 1.4. Pre-Application Feasibility Study on traffic impact is not required by LTA for redevelopment of this site, according to JLL.
The tender for Flynn Park will close on Jan 29, while that of Choon Kim House will close on Jan 30.

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