COLLECTIVE: More than 80 per cent of the owners agreed to the sale of Normanton Park condominium, whose reserve price is in the region of $840 million, making it one of the largest en bloc deals in recent years. (ST PHOTO: CHEW SENG KIM) Normanton Park condominium located near Kent Ridge Park will be put up for collective sale next Thursday, after more than 80 per cent of the owners agreed to the sale.
There are 488 units in the condominium project - made up of eight low-rise blocks and five 23-storey towers.
The Straits Times understands that the reserve price is in the region of $840 million, making it one of the largest en bloc deals to be launched in Singapore in recent years.
Mount Everest Properties, which is marketing the collective sale, said this translates to a land cost of about $605 per sq ft per plot ratio.
The size of the units in the development range from 1,270 sq ft to 1,550 sq ft, and the marketing agent said each owner will stand to pocket $1.6 million to $1.7 million on average if the deal goes through.
Normanton Park, a 99-year leasehold project, has 61 years remaining on its tenure.
"We will be speaking to some developers with the objective of getting them to form a consortium to invest and to bid for this site together," said project consultant Dillon Loi of Mount Everest Properties.
Mr Loi said part of the strategy includes reaching out to foreign developers, including those in China.
Under the Urban Redevelopment Authority's Master Plan 2014, the over 660,000 sq ft site is zoned for residential use with a 2.1 plot ratio.
The plot could potentially yield 1,388 residential units based on an average size of 1,000 sq ft.
The trend of an ageing population and rising demand for quality healthcare could provide a fillip to sales.
"We are actually very near to National University Hospital and Alexandra Hospital as well, so a great angle is to brand the new development here as a wellness village with medical facilities," added Mr Loi.
To this end, the marketing agent intends to approach private medical groups in Singapore to team up with the property developer to drive the proposal.
The tender for the collective sale will close on Jan 19.