ASEAN 2021
Part 67: Singapore | Sunway Bhd
Sunway-Hoi Hup consortium wins Singapore's Flynn Park bid with RM1.15bil offer
By NST Business - September 13, 2021 @ 3:05pm
Sunway Bhd, through its joint venture vehicle with Singapore developer Hoi Hup Realty, has won a competitive bid for the en-bloc acquisition of Flynn Park building with a bid of S$371 million (about RM1.15 billion).
Quote:
KUALA LUMPUR: Sunway Bhd, through its joint venture vehicle with Singapore developer Hoi Hup Realty, has won a competitive bid for the en-bloc acquisition of Flynn Park building with a bid of S$371 million (about RM1.15 billion).
Flynn Park, a 72-unit condominium block built in 1986 was open for tender at the end of July.
t is sited on an elevated 1.94-hectare freehold plot of land and is located 350 metres from the Pasir Panjang MRT station on the Circle Line.
In addition, the development is a stone's throw from landmarks such as the Pasir Panjang Food Centre, Mapletree Business City, VivoCity and Sentosa Island.
Under the URA Master Plan 2019, the site is zoned "residential" with a plot ratio of 1.4.
Sunway, in a statement today, said Sunway Property and Hoi Hup intended to redevelop the site into modern private residential condominiums, leveraging on the multiple strengths of its location which is on a hillside, at the fringe of the city centre, next to public transportation and yet next to the lush and mature Kent Ridge nature park.
The deal was brokered by Savills Singapore which described it as the largest collective sale site in Singapore in 2021.
Collective sales in Singapore has picked-up due to the rebound in Singapore's property market.
"Current developments by Sunway Property in Singapore includes Ki Residences, a private condominium in Clementi, and Parc Central, an executive condominium in Tampines have all done well since their respective launches.
"The projects have achieved robust take-ups of 60 per cent and 85 per cent respectively," Sunway added.
With the latest acquisition of Flynn Park, Sunway Property's landbank to date stands at 1,351.24 ha with a potential gross development value of RM54.4 billion.
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https://www.nst.com.my/business/2021...rm115bil-offer