Millionaires’ shopping list

By EdgeProp Team / EdgeProp Singapore | March 10, 2018 9:00 AM SGT
Developers are rolling out projects as they anticipate the return of en bloc wealth into the real estate market. Those shopping for property have a wide range of choices. What will they buy?
The Year of the Dog has been particularly auspicious for the owners of Brookvale Park. On the eve of Chinese New Year (Feb 15), a joint venture between Hoi Hup Realty and Sunway Developments purchased the 160-unit, 999-year leasehold condo en bloc for $530 million.
It was Brookvale Park’s fourth collective sale at­tempt. For the owners, it will translate to gross pro­ceeds of $2.5 million to $4.4 million each.
Brookvale Park was sold en bloc to a joint venture between Hoi Hup Realty and Sunway Developments (Credit: JLL)
Kathleen Tan, one of the residents at Brookvale Park, has lived there for 17 years. “This has been our home since my husband and I got married in 2001, and it’s where we had our son,” says the part-time tutor with Nanyang Technological University. “We love the Sunset Way neighbourhood, where we’re surrounded by greenery and nice houses.”
Even without knowing the outcome of Brook­vale Park’s en bloc sale, Tan and her husband decided to purchase a terraced house at Merryn Terrace last October. The main reason was its proximity to St Jo­seph’s Institution, where her son started Secondary 1 this year. She will be receiving the keys to her new house in March, and is looking forward to renovating it and moving in.
Typical units at Brookvale Park start from three-bedroom units of 1,615 sq ft, which means Tan will receive $2.5 million from the proceeds of the en bloc sale.
With that windfall, Tan is open to investing in another property. This time, she wants a place near public transportation. “With the benefit of hindsight, we’ve seen these properties appreciate more quickly than those located farther,” she adds. Unit layout is another major consideration. “I’ve seen a 1,300 sq ft apartment that feels like 1,700 sq ft. But I’ve also been in a 1,300 sq ft unit that feels like 900 sq ft.”
Cashing in
The sale of Brookvale Park brings the tally in the first two months of 2018 to eight en bloc deals totaling...