Selling price of $605 psf-ppr ??
People are mistaken. The selling price is $800 psf-ppr, when you figure in an additional S$300 million for differential premium (for maximising gross floor area and a lease top-up to 9 years.
See Business Times report:
Normanton Park up for collective sale
But consultants note that investment quantum, size of site are too large for developers' current appetite
By
Lynette
[email protected]@LynetteKhooBT
Oct 16, 20155:50 AM
Singapore
NORMANTON Park condominium, located near Kent Ridge Park, will be put up for collective sale next Thursday after the requisite 80 per cent majority consent was secured from the owners.
But consultants were quick to rain on the parade, saying that the site may be too big for the current appetite of developers, whose risk of holding large sites is exacerbated by the additional buyers' stamp duty that applies to unsold units five years after the land purchase date.
The hefty reserve price of S$840 million may make it a tough sell, said SLP International executive director Nicholas Mak, who estimates that the differential premium for maximising gross floor area and a lease top-up to 99 years amount to an additional S$300 million.
According to marketing agent for the collective sale Mount Everest Properties, the reserve price translates to around S$800 per square foot per plot ratio (psf ppr), inclusive of the differential premium and the lease top-up. If an adjoining state land is included, the figure will drop to below S$800 psf ppr