Henry Park site sold for $175.9m in collective sale

A collective sale site at Henry Park located off Holland Road has been sold to Kentish View Pte Ltd, a unit of Far East Organization, for S$175.888 million, making it the largest en bloc deal by value this year.

Its marketing agent Credo Real Estate says it has been a closely contested exercise that attracted five submissions for the prime District 10 apartment site.

The 999-year leasehold site with a land area of nearly 100,000 square feet comprises 48 apartments and 16 shop units.

If the sale is approved by the Strata Titles Board, each apartment owner stands to pocket gross proceeds of between S$2.3 million and S$2.9 million, while the shop owner could receive between S$3.2 million and S$4.7million each.

Credo says this would be the largest en bloc sale deal by value out of the 47 known deals done this year, the average of which has been S$60 million.

The Henry Park sale surpasses the collective deal for Hong Leong Garden Shopping Centre which fetched S$171 million in September.

Credo says the sale price for Henry Park Apartments translates to a land rate of about S$1,258 psf per plot ratio.

It adds that the developer has also made an application to purchase an adjoining State land parcel of nearly 1,400 square feet.)

If the application is accepted, Credo says taking the same sales price, it will translate to a land rate of about S$1,246 psf per plot ratio.

Source : Channel NewsAsia – 9 Dec 2011

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