How Sun Park up for en bloc sale at $78 mil
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How Sun Park, a freehold development of 20 townhouses at How Sun Road, has been put up for collective sale by tender. The indicative price for the property is $78 million. After including in estimated development charges of about $2.92 million, the land cost works out to be $1,052 psf per plot ratio (ppr), or $1,014 psf ppr if 10% bonus gross floor area (GFA) for balconies is included.
According to Sieow Teak Hwa, managing director of Teakhwa Real Estate, the marketing agent for How Sun Park, this is the first collective sale attempt by the residents at How Sun Park.
In the event the collective sale is successful, each owner will walk away with at least $3.9 million each, he adds. As at October 31, 19 out of the 20 townhouse owners (95%) have consented to the collective sale.
Source: Teakhwa Real Estate
The existing development sits on a freehold site of 54,943 sq ft. Under the 2014 Master Plan, the site is zoned ‘Residential’ with a plot ratio of 1.4, which translates to a GFA of 76,920 sq ft. The developer could potentially build a new residential project with 102 units, assuming an average size of 753 sq ft for the new units.
Nearby How Sun Park is Sun Rosier, which was sold en bloc to a SingHaiyi-Huajiang International Corporation joint venture last month at $271 million ($1,325 psf ppr).
How Sun Park is located within walking distance of Bartley MRT station. The tender closes on Nov 28.
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