In another record-setting collective sale, the 488-unit Normanton Park was sold on Thursday (Oct 5) to Kingsford Huray Development for S$830.1 million ($607.7 million), the highest land rate (psf ppr) for a 99-year leasehold this year.
Just a day earlier, 200-unit freehold development Amber Park was sold via collective sale to CDL subsidiary Cityzens Development and Hong Realty for S$906.7 million, the country’s largest freehold collective sale by dollar value.
The latest price works out to be S$969 psf ppr inclusive of two payments that Kingsford will have to make to the state – a lease upgrading premium and a differential premium, according to The Business Times.
Knight Frank marketed the Normanton Park collective sale through a tender that closed on Thursday. The development comprises 13 residential blocks of 488 apartment units with a site area of 61,408.9 sq m.
According to JLL, a total of 16 collective sale transactions have been inked so far this year, totalling S$5.843 billion across all property segments.