Normanton Park sold to Kingsford Huray for $830.1m, setting 99-year en-bloc record
Normanton Park which is a 488-unit development nearby Science Park, was sold on Thursday (Oct 5th) to Kingsford Huray Development for the price of S$830.1 million. This sale has made it the biggest land rate (psf ppr) for 99-year leasehold collective sale site current year.
The sale just occurred one day after Amber Park which is 200-unit freehold condominium at Katong. Amber Park sale was snapped up for the price of S$906.7 million in largest freehold collective sale of Singapore by dollar value during Wednesday.
Cui Zhengfeng owns Kingsford Huray who is also the proprietor of Kingsford Development, a developer based on Shenyang, which has Kingsford Hillview Peak in Hillview Rise as their first project in the part of Singapore.
The sale price in addition with lease top-up premium, differential premium for redevelopment of the site to the gross plot ratio of 2.1 including 10% bonus balcony, comes to total value of S$923 psf ppr, which is subject to approval, Knight Frank revealed.
Presently, 87.3% of the owners have given permission to the sale, and each individual owner would get a gross sale price between S$1.68 million and S$1.86 million approximately.
Normanton Park holds 13 residential blocks of 488 apartment units covering 61,408.9 sqm located closely to nature park with unblocked views to the landscape of Singapore including partial sea views.