In its second attempt at collective sale, Flynn Park successfully found a buyer in the joint venture between Hoi Hup Realty and Sunway Developments. Based on the winning bid of $371 mil, the land rate works out to be $1,355 psf/plot ratio for the 208,443 sq ft site with a plot ratio of 1.4. The price was marginally higher than the reserve price of $365 mil, and also higher than the $363.5 mil set for the first attempt in June 2018.
Built on elevated ground, the site can be redeveloped into a new condominium with around 271 units. It is about 350m from the Pasir Panjang MRT station and is near Kent Ridge Park.
With the success of Flynn Park, more sites are expected to be offered for collective sale by their owners. Generally, sites which had a few unsuccessful attempts previously will find it easier to restart the collective sale process. Some of these include HighPoint, Elizabeth Towers, Tanglin Shopping Centre and Horizon Towers, all located in the Orchard Road vicinity.
One of the latest collective sale site offered was Watten Estate Condominium which was launched on 15 September. Its minimum price of $500 million translates to a unit land rate of $1,622 psf ppr. Back in July 2019, it was put on the market at the price of $536 mil. The freehold property has a sprawling land area of 220,241 sq ft with a gross plot ratio of 1.4 and an allowable height of up to five storeys. The tender will be closing on 27 Oct 2021.