{"id":64146,"date":"2017-08-21T15:44:53","date_gmt":"2017-08-21T08:44:53","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/normanton-park-launched-for-sale-owners-expecting-above-800m\/"},"modified":"2017-08-21T15:49:41","modified_gmt":"2017-08-21T08:49:41","slug":"normanton-park-launched-for-sale-owners-expecting-above-800m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/normanton-park-launched-for-sale-owners-expecting-above-800m\/","title":{"rendered":"Normanton Park launched for sale, owners expecting above $800m"},"content":{"rendered":"


\nEach owner could receive between $1.6 million and $1.8 million if the sale goes through. (Photo: Knight Frank) \u00a0 \u00a0
\nThe huge Normanton Park site located beside Kent Ridge Park has been launched for collective sale for a second time, marketing agent Knight Frank said on Monday (21 August).
\nBuilt in 1997 for military personnel and their families, the privatised housing estate comprises 13 blocks of 488 apartments. Unit sizes range from 1,270 sq ft to 1,550 sq ft and the entire site measures approximately 660,999 sq ft.
\nThe owners are expecting offers of above $800 million, which works out to a land rate of about $898 psf per plot ratio.
\nSEE ALSO: Lakepoint condo eyeing en bloc sale, site bigger than Shunfu Ville
\nThe reserve price includes the differential premium of approximately $225.3 million for intensification of the site, as well as the lease top-up of about $220.6 million to a fresh 99 years. As such, each owner could receive between $1.6 million and $1.8 million.\u00a0 \u00a0
\nZoned residential with a gross plot ratio of 2.1 under the Master Plan 2014, the site could be redeveloped up to a maximum permissible gross floor area of 1,388,099 sq ft.
\nIan Loh, Knight Frank\u2019s Executive Director & Head of Investment and Capital Markets, noted that there has been a jump in the number of professionals in the area in the last five years. Coupled with the lack of new high-rise residential projects launched within a 1.5km radius in the last 15 years has led to low supply.
\n\u201cThe new high-rise development could potentially comprise more than 1,200 new residential units of 100 sq m (1,076 sq ft), and the new homeowners should be able to enjoy lush greenery views and unblocked views of the city and the sea.
\n\u201cAs such, we expect the property to attract strong interest in view of its exclusive location and positive attributes.\u201d
\nSS Chopra, chairman of the sale committee and a retired Navy colonel said: \u201cIt took a mere 11 days for us to reach the 80 percent consensus and a further two weeks to launch the tender today.\u201d
\n\u201cAs compared to our en bloc attempt in 2015, the marketing agents this time around are far more bullish. Hence, naturally a combination of all the factors bode well for a successful en bloc sale,\u201d he added.
\nNormanton Park is located close to nature parks, business parks and science parks. There are also various educational institutions in the vicinity including Anglo-Chinese Junior College, the National University of Singapore and Singapore Polytechnic.
\nThe tender exercise will close on 5 October 2017.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Normanton Park launched for sale, owners expecting above 0m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Each owner could receive between $1.6 million and $1.8 million if the sale goes through....<\/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-64146","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-gGC","jetpack-related-posts":[{"id":68320,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/normanton-park-sold-for-830-1m-or-969-psf-ppr\/","url_meta":{"origin":64146,"position":0},"title":"Normanton Park sold for $830.1m, or $969 psf ppr","date":"October 6, 2017","format":false,"excerpt":"\r This is the highest land rate achieved for a 99-year leasehold collective sale site this year. (Photo: Knight Frank) The Normanton Park condominium located off Ayer Rajah Expressway has been sold collectively to Kingsford Huray Development for $830.1 million, marketing agent Knight Frank said on Thursday (5 October). It\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":69798,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dunearn-court-sold-to-roxy-pacific-for-36-3m\/","url_meta":{"origin":64146,"position":1},"title":"Dunearn Court sold to Roxy-Pacific for $36.3m","date":"October 23, 2017","format":false,"excerpt":"\r Each owner will receive about $2.91 million to $3.12 million from the sale. (Photo: Knight Frank) The en bloc market continues to roll with the sale of Dunearn Court to RH Central, a subsidiary of Roxy-Pacific Holdings, for $36.3 million. This is slightly lower than the guide price of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":69748,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mayfair-gardens-up-for-en-bloc-sale-at-265m\/","url_meta":{"origin":64146,"position":2},"title":"Mayfair Gardens up for en bloc sale at $265m","date":"October 23, 2017","format":false,"excerpt":"\r The asking price works out to a land rate of around $1,058 psf per plot ratio. (Photo: Knight Frank) Mayfair Gardens off Dunearn Road has been launched for collective sale, with the owners expecting offers above the reserve price of $265 million, according to marketing agent Knight Frank. Built\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51528,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-hudc-estate-in-hougang-up-for-collective-sale\/","url_meta":{"origin":64146,"position":3},"title":"Former HUDC estate in Hougang up for collective sale","date":"April 11, 2017","format":false,"excerpt":"\r The owners of Rio Casa are expecting offers above $450.8 million, or a land rate of about $586 psf per plot ratio. (Photo: Knight Frank Singapore) Rio Casa, a privatised HUDC estate along Hougang Avenue 7 has been launched for collective sale, said marketing agent Knight Frank Singapore. The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":78035,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/goodluck-garden-up-for-en-bloc-sale-owners-expect-offers-above-550mil\/","url_meta":{"origin":64146,"position":4},"title":"Goodluck Garden up for en bloc sale, owners expect offers above $550mil","date":"January 26, 2018","format":false,"excerpt":"\r Goodluck Garden, a freehold condominium site along Toh Tuck Road, has been put up for collective sale, with the owners expecting offers above their $550 million reserve price, revealed marketing agent Knight Frank Singapore. \u201cIncluding an additional estimated development charge of approximately $63.2 million (subject to verification and confirmation\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":82336,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/goodluck-garden-sold-to-qingjian-for-610m\/","url_meta":{"origin":64146,"position":5},"title":"Goodluck Garden sold to Qingjian for $610m","date":"March 9, 2018","format":false,"excerpt":"\r The freehold site off Upper Bukit Timah is close to Beauty World MRT station. (Photo: Knight Frank) Goodluck Garden, a 210-unit freehold condominium along Toh Tuck Road, has been sold through a collective sale to Chinese developer Qingjian Group for $610 million, which is about 10 percent above the\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\/64146"}],"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=64146"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/64146\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=64146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=64146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=64146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}