The 38-year-old Normanton Park condominium (pictured) will go en bloc next Thursday, 22 October, after 80 percent of the owners agreed to the sale, reported The Straits Times.
Comprising 488 units, the 99-year leasehold development at 1 Normanton Park near Kent Ridge MRT station was completed in 1977. Unit sizes range from 1,270 sq ft to 1,550 sq ft.
The reserve price of the property is around $840 million, or $605 psf per plot ratio, revealed marketing agent Mount Everest Properties. Each owner is expected to make an average of about $1.6 million to $1.7 million from the sale.
The news article added that this is the largest en bloc deal in the country since 2007.
Zoned for residential use, the 660,000 sq ft site has a plot ratio of 2.1 under the URA Master Plan 2014.
Located close to the National University Hospital (NUH) and Alexandra hospital, the new development could generate 1,388 housing units and also incorporate medical facilities.
The tender for the collective sale will close on 19 January.
Image source: teoalida.com
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
