SingHaiyi to buy Sun Rosier en bloc for $271 million

A SingHaiyi-led group, comprising SingHaiyi Properties and Huajiang International Corporation, has won the Sun Rosier condominium tender for collective sale. Huajiang International Corporation is an entity controlled by Gordon Tang and Serena Tang, the controlling shareholders of SingHaiyi Group Ltd.

The group submitted a top bid of $271 million or $1,325 psf per plot ratio. There were a total four bids.

At this price, each unit owner stands to pocket an estimated amount of $2.86 to $4.77 million, averaging $1,885 psf. According to Huttons Asia, this is 108% over the latest transacted price for a unit sold early this year or twice of what each unit could fetch if sold on an individual basis and not collectively.

Source: Huttons Asia

Based on the 2014 Master Plan, the freehold 146,046 sq ft site — zoned “residential” — has a plot ratio of 1.4. The site has a maximum gross floor area of 204,464 sq ft, which works out to be approximately 204 condo units averaging 1,000 sq ft each. Redevelopment on the site will also be subject to a height limit of up to five storeys. The existing development has 78 apartment units within four blocks spanning four levels.

According to Huttons Asia, the site is located within walking distance of Bartley MRT station on the Circle Line, which makes it one MRT station away from Serangoon MRT Station and its surrounding amenities, such as the NEX shopping mall.