Flynn Park sold en bloc for $371mil
Flynn Park at 18 – 22 Yew Siang Rd has actually gotten sold off by using en-bloc transaction for $371 million to a partnership linking Hoi Hup Realty plus Sunway Developments.
The transaction amount calculates to nearly $One thousand Three hundred Fifty Five ppr or $1.318K per PR when considering the seven percent incentive patios.
Savills S’pore, which serviced the sale, revealed the offer is the most extensive cumulative transaction site to have recently marketed in ’21.
Offering 72 home units, Flynn Park takes up a 2hundred 8thousand 4hundred 43 sq ft freehold site that is zoned for “Housing” purpose following the 2K19 Master Plan with a plot ratio of 1.4.
Galven Tan, Deputy MD of Financial Investment Sales and Capital Markets at Savills S’pore, revealed the tender exercise for the development was actively contested.
” The returns is evidence to the strong qualities of the site– the distinct venture to establish an excellent building at the edge of the downtown core as well as only 350m away from the Mass Rapid Transit Station, yet perfectly next to abundant also aged nature parks,” Galven stated.
Wong Swee Chun, Chairman and MD of Hoi Hup Realty, illustrated Flynn Park being an uncommon hill land.
” It is soothing, rich and environment-friendly, besides takes joy in vicinity to the train system also is mins to the city. It will definitely equally gain considerably by its adjacency to the upcoming GSW development,” he reported.
” We await establishing a superior building on this specific one-of-a-kind spot.”
