The Normanton Park condominium development in Singapore is expected to rake in at least S$800 million in an en bloc sale, following more than 80% of homeowner approvals logged in a record process that took just 11 days, The (Singapore) Business Times reported.
The en bloc sale is anticipated to bring in gross profits sitting within the range of S$1.6 million and S$1.8 million for respective homeowners, should it be successful.
The condo is being marketed by Knight Frank for the en bloc sale, with an attached differential premium for site intensification expected at S$225.3 million and the lease top-up valued at an estimated S$220.6 million, which would yield a land rate of S$898 per square foot per plot ratio.
The current en bloc attempt marks the second time the development has tried to push such a sale forward, after a maiden attempt in October 2015 at the same reserve price fell through, according to the Aug. 10 report.
The 99-year leasehold 660,999-square-foot, 488-unit condo has 59 years remaining on its lease term.
As of Aug. 10, US$1 was equivalent to S$1.36.