Enbloc News: Henry Park Apartments sold for $175.9 million!

By The Folks @PropTalk - December 9, 2011 No Comments

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 $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 100,000sqft 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 $2.3 million and $2.9 million, while the shop owner could receive between $3.2 million and $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 $60 million.

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

Credo says the sale price for Henry Park Apartments translates to a land rate of about $1,258 psf ppr.
It adds that the developer has also made an application to purchase an adjoining State land parcel of nearly 1,400sqft.

If the application is accepted, Credo says taking the same sales price, it will translate to a land rate of about $1,246 psf ppr.
Source: Channel News Asia

Well, the wife and I did say that this one has potential to go through successfully before the end of the year. It'll be interesting to see if Far East can build and sell out the new development on this site within the stipulated 5-year period...

Click below to read our previous post on the Henry Park Apartments collective sale:

Update  (10 December 2011):
The Straits Times today reported that the tender for Henry Park Apartments closed on Dec 1, with the sale concluded on Wednesday, just avoiding the new cooling measures which kicked in on Thursday. The new rules require developers to build and sell all the units in a new project within five years of buying the site.

The 99,800sqft site is zoned residential with commercial at the first storey in the 2008 masterplan. The authorities have allowed a gross plot ratio of up to 1.4 and a maxium building height of four storeys.

The wife and I stand corrected on our earlier comments.

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