Normanton Park has been sold collectively for $830.1 m. The condominium that is located off Ayer Rajah Expressway was sold to Kingsford Huray Development (Developer for Kingsford Waterbay), said Knight Frank its marketing agent on October 5, 2017.
Also on the 5 October, CBRE announced that Cairnhill Mansions would soon be sold at a guide price of $362m.
Normanton Park sales price translated to about $969 psf ppr, becoming the highest land rate for a collective sale site on the leasehold of 99 years in 2017.
The site, which measures approximately 660,999 sqft, has 13 blocks with 488 apartments and was built for the Singapore Armed Forces in the mid-70s.
More than 80% of the owners approved the sale after which a public tender was launched on August 22, 2017. Each owner will get roughly $1.68m to $1.86m.
A retired navy colonel and the chairman of the sale committee, Sukhvinder S Chopra said that the sale committee got a number of submissions and worked in close collaboration with lawyers and the marketing agent.
“We assessed all the submissions carefully and made a unanimous decision to award the tender to Kingsford,” added Chopra.
“The project has an estimated gross development value of $2.23 billion. The high-rise project that will come up on the site could house over 1,200 new residential units measuring 1,076 sqft equivalent to 100 sqm,” said Ian Loh, executive director Knight Frank.
Knight Frank sold 2 collective sale sites in May. The first one is One Tree Hill Gardens that is located near Orchard Road was sold for $65 million and the other is Rio Casa, the privatized HUDC estate that is located along Hougang Avenue 7 and that was sold for $575m.