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Hoi Hup, Sunway Developments buy Singapore asset for S$530M

A joint venture between Hoi Hup Realty Pte. Ltd. and Sunway Developments Pte. Ltd. acquired the Brookvale Park residential development in Singapore's Sunset Way for S$530 million, The (Singapore) Business Times reported, citing Hoi Hup Chairman Wong Swee Chun.

Taking into account an estimated development charge of roughly S$26 million, the consideration for the 160-unit property translates to a land rate of about S$932 per square foot per plot ratio.

The deal represents the 11-year old partnership's largest investment to date, the publication noted, citing the chairman. The collective sale, approved by over 80% of the property's owners, hinges upon the fulfillment of several conditions, including an order of sale by the Strata Titles Board and the court, where applicable.

Citing JLL, the sole marketing agent for the 999-year leasehold land, the paper added that the trade is expected to generate gross sales proceeds of between S$2.5 million and S$4.4 million per unit.

As per the 2014 master plan, the 373,008-square-foot Brookvale Park may be redeveloped into a condominium property spanning a gross floor area of about 656,494 square feet.

As of Feb. 14, US$1 was equivalent to S$1.32.