{"id":102740,"date":"2019-01-07T10:25:29","date_gmt":"2019-01-07T03:25:29","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/flynn-park-choon-kim-house-lower-prices-for-another-en-bloc-attempt\/"},"modified":"2019-01-07T11:04:16","modified_gmt":"2019-01-07T04:04:16","slug":"flynn-park-choon-kim-house-lower-prices-for-another-en-bloc-attempt","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/flynn-park-choon-kim-house-lower-prices-for-another-en-bloc-attempt\/","title":{"rendered":"Flynn Park, Choon Kim House lower prices for another en bloc attempt"},"content":{"rendered":"


\nMost of the owners at Flynn Park off Pasir Panjang Road have agreed to a lower asking price. (Photo: JLL)
\nTwo freehold developments \u2013 Flynn Park and Choon Kim House \u2013 have relaunched their en bloc sale tenders at lower reserve prices, revealed marketing agent JLL on Friday (4 Jan).
\nMost of the owners at Flynn Park, a 72-unit freehold project off Pasir Panjang Road, have agreed to cut the minimum asking price by 10 percent to $325 million.
\nMore:\u00a0Over 30 En Bloc Sites Fail To Secure Buyers
\nBased on its land area of about 208,443 sq ft, the new reserve price translates to a land rate of $1,198 psf per plot ratio (psf ppr), which includes a development charge of about $24.5 million.
\nThe project was previously launched with an asking price of at least $363.8 million ($1,331 psf ppr) in May 2018, but the tender closed in June without any takers.
\nAfter the announcement of the new property cooling measures on 6 July 2018, its Collective Sale Committee (CSC) proposed to slash the reserve price, and this was approved during an extraordinary general meeting (EGM). While over 75 percent of the owners by overall share value and total floor area have signed the supplemental agreement to lower the price, this is still shy of the 80 percent threshold needed.
\nThe site has a land area of around 208,443 sq ft zoned for residential use with a permitted gross plot ratio of 1.4. Moreover, the Land Transport Authority (LTA) doesn\u2019t require the buyer to conduct a Pre-Application Feasibility Study (PAFS) before proceeding with the redevelopment.
\nAside from being situated next to Pasir Panjang MRT station, the property is within proximity to VivoCity and Sentosa. It is also adjacent to Canopy Walk \u2013 an elevated boardwalk connecting Hort Park with Kent Ridge Park.
\nMeanwhile, the Choon Kim House mixed-use project along Upper Serangoon Road has been relaunched for sale after more than 80 percent of the owners consented to slash the asking price to $50 million from $55 million during its previous tender launch in April.
\nThe four-storey property with an attic comprises 10 residential units with 19 basement carpark lots and 20 commercial premises.
\nThe new reserve price works out to a land rate of $1,173 psf ppr, or $1,149 psf ppr after taking into account the 10 percent bonus GFA for its residential component, subject to obtaining approval from the relevant authorities.
\nBuilt in the early 2000s, the property sits on a 14,988 sq ft site intended for residential and commercial use with a gross plot ratio of 3.0. Subject to approval, the property can be potentially redeveloped to a total GFA of 47,661 sq ft inclusive of the 10 percent bonus GFA for the residential component.
\nAside from being close to Serangoon MRT station, Choon Kim House is near Nex megamall and Kovan Heartland mall, in addition to popular F&B spots along Upper Serangoon Road.
\nFurthermore, Paya Lebar Methodist Girls School is within a 1km radius of the property, while St Gabriel\u2019s Primary School, Maris Stella High School and CHIJ Our Lady of Good Counsel are located within 2km.
\nThe tender exercises for Flynn Park and Choon Kim House will close on 29 and 30 January respectively.
\nMore:\u00a0Understanding The En Bloc Process (August 2018)
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Flynn Park, Choon Kim House lower prices for another en bloc attempt<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Most of the owners at Flynn Park off Pasir Panjang Road have agreed to a...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-102740","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qJ6","jetpack-related-posts":[{"id":85780,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/choon-kim-house-in-upper-serangoon-up-for-en-bloc-sale-with-over-55m-guide-price\/","url_meta":{"origin":102740,"position":0},"title":"Choon Kim House in Upper Serangoon up for en bloc sale with over $55m guide price","date":"April 18, 2018","format":false,"excerpt":"\r Completed in the early 2000\u2019s, the four-storey mixed-use building comprises 20 commercial units and 10 apartments. (Photo: JLL) The freehold Choon Kim House along Upper Serangoon Road has been launched for collective sale at an indicative price of over $55 million, marketing agent JLL said on Wednesday (18 Apr).\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":99490,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/la-ville-condo-relaunched-with-lower-asking-price-of-140-6m\/","url_meta":{"origin":102740,"position":1},"title":"La Ville condo relaunched with lower asking price of $140.6m","date":"October 10, 2018","format":false,"excerpt":"\r La Ville is a 40-unit freehold condominium at Tanjong Rhu Road. (JLL) $1,424 psf ppr, or $1,361 psf ppr after taking into account the 10 percent bonus balcony space. A development charge of about $7.2 million is payable as well. Marketing agent JLL revealed on Tuesday (9 Oct) that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":88551,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/8-more-properties-launched-for-en-bloc-sale\/","url_meta":{"origin":102740,"position":2},"title":"8 more properties launched for en bloc sale","date":"May 17, 2018","format":false,"excerpt":"\r Cairnhill Astoria (the red building) in prime District 9 has joined a growing list of properties launched for en bloc sale. (Photo: Colliers International) Singapore\u2019s red-hot collective sales market continues to sizzle with more homeowners jumping on the en bloc bandwagon. Cairnhill Astoria in Cairnhill Rise and Trendale Tower\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":91720,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gloria-mansion-in-district-5-up-for-en-bloc-sale-at-79m\/","url_meta":{"origin":102740,"position":3},"title":"Gloria Mansion in District 5 up for en bloc sale at $79m","date":"June 19, 2018","format":false,"excerpt":"\r The hilltop apartment at Pasir Panjang Road is close to Haw Par Villa MRT station, the West Coast Highway and Ayer Rajah Expressway. (Photo: Huttons Asia) Gloria Mansion, a freehold residential development at Pasir Panjang Road, has been put up for collective sale with a reserve price of $79\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":87006,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-freehold-properties-launched-for-en-bloc-sale\/","url_meta":{"origin":102740,"position":4},"title":"Two freehold properties launched for en bloc sale","date":"May 3, 2018","format":false,"excerpt":"\r Holland Tower in District 10 was put up for sale with a reserve price of $65 million. (Photo: SRI) More homeowners are trying their luck at collective sales, with two freehold developments launched at a combined price of $103 million. The Holland Tower condominium in District 10 was put\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102684,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cavenagh-gardens-up-for-en-bloc-sale-at-480m\/","url_meta":{"origin":102740,"position":5},"title":"Cavenagh Gardens up for en bloc sale at $480m","date":"January 4, 2019","format":false,"excerpt":"\r The reserve price for the freehold development in District 9 works out to a land rate of $1,695 psf ppr. (Photo: JLL) Cavenagh Gardens, a freehold residential development along Cavenagh Road in District 9, has been launched for en bloc sale with a reserve price of $480 million, revealed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/102740"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=102740"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/102740\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=102740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=102740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=102740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}