File image of Kent Ridge Park
Normanton Park condominium is located close to Kent Ridge Park and other nature parks.
The owners of Normanton Park have launched a collective sale tender for the property and the time it took for them to do so is impressive! In their second attempt at an en bloc sale, the first being in 2015, the owners of the condominium located near Kent Ridge Park was able to attain the 80% approval required in less than 2 weeks. The tender was launched another 2 weeks after that.
The asking price for the property is $800 million and if a sale is successful, each owner will receive $1.6 million to $1.8 million. The developer who eventually purchases the 660,999 sq ft development will have to pay an additional $225.3 million to maximize land use and another $220.6 million to top up the lease to 99 years. This works out to about $898 psf per plot ratio for the plot of land.
The tender for the collective sale of Normanton Park closes on 5 Oct and the marketing agent for the sale is Knight Frank Singapore.
Read more on this at the Straits Times website
The collective sales market has been booming in recent months and you can count on Aiden Real Estate to keep you up-to-date with the latest news. Here are some of the other residential developments that are eyeing successful en bloc sales bids in July: