Normanton Park sold en bloc for $830.1m

It has the highest land rate for a 99-year leasehold en bloc sale.

Normanton Park, the 488-unit property on Ayer Rajah Expressway, has been sold to Kingsford Huray Development Pte Ltd for $830.1m.

According to Knight Frank, the price of $969 psf it the highest land rate for a 99-year en bloc sale site for this year.

The land rate is composed of an additional lease top-up premium of around $231.1m and differential premium of approximately $283.4m to redevelop the site to a gross plot ratio (GPR) of 2.1 based on the maximum permissible Gross Floor Area (GFA) of approximately 1,388,099 sqft.

Currently, 87.3% of the owners have consented to the sale.

Each owner will receive a gross sale price of $1.7-1.9m upon a successful sale.

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