Owners of the 78 units of Sun Rosier are set to pocket between S$2.86 million and S$4.77 million each after the condominium off Bartley Road fetched a top bid of S$271 million in Singapore's latest collective sale, about 15 per cent more than the asking price of S$235 million.
There were four bids for the freehold development in How Sun Drive when the tender closed on Thursday, with the top three offers very close to one another, marketing agent Huttons Asia disclosed on Friday (Sept 22).
The winning bid came from a 50:50 joint venture between SingHaiyi Properties - a unit of Singapore-listed real estate developer SingHaiyi Group - and Huajiang International. Huajiang is controlled by Chinese tycoon Gordon Tang and his wife Serena, who are the controlling shareholders of the SingHaiyi Group.
The offer works out to S$1,325 per sq ft per plot ratio, compared with the S$1,149 psf ppr asking price for the 146,046 sq ft site.
At this price, each unit owner stands to receive an estimated S$2.86 million to S$4.77 million, averaging S$1,885 psf. Huttons said this is 108 per cent over the last transacted price for a unit sold early this year, or twice of what each unit could fetch if sold individually and not collectively.
Several factors accounted for the success of Sun Rosier's collective sale.
For one thing, the condo is just about five minutes from Bartley MRT station on foot. It is also among the few freehold development sites on offer, said Mr Stephen Tan, Huttons' head of collective sales.
"We captalised on this, and external factors such as the strong demand for such sites and the prevailing conditions in the development land market near the upcoming Bidadari estate, to make this en bloc a distinctive success," he said.
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Adapted from The StraitsTime, Sep, 22th, 2017.