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Singapore estate sold for S$830M, another on the market for S$362M

The en bloc fever in Singapore is getting more heated with two more transactions making news, days after the Amber Park development sold for a record S$906.7 million.

Kingsford Huray Development snapped up the 488-unit, 660,999-square-foot Normanton Park condominium after bidding S$830.1 million, The (Singapore) Business Times reported Oct. 5. The sale price, which reflects a S$969 per-square-foot value, is higher compared to the S$800 million minimum asking price set for the privatized housing estate when it was marketed for the second time in June by Knight Frank.

In a separate same-date report, The Business Times reported that owners of the 61-unit Cairnhill Mansions freehold development in the prime district 9 have also decided to take the 18-story property to the market with a S$362 million price tag.

The minimum asking price for the 43,103-square-foot site, with a maximum allowable gross floor area of 172,239 square feet, translates to a per-square-foot valuation of S$2,201. The paper noted that the sale, if pursued, would be the fifth attempt of the sellers at an en bloc sale.

CBRE director of capital markets Galven Tan was quoted in the Oct. 5 report as saying that "the momentum in the prime residential market has picked over the past year." He added that the launch of the S$689.4 million public tender for a mixed-use site at Singapore's Jiak Kim Street is also an indication that "developers are keen to enter the high-end residential segment."

As of Oct. 5, US$1 was equivalent to S$1.36.