SINGAPORE (EDGEPROP) – Flynn Park, a freehold collective sale site off Pasir Panjang Road, has just been relaunched for sale by tender by sole marketing agent, JLL.
Flynn Park was launched for tender in May last year at the minimum price of S$363.8m and the tender closed on 29 June 2018 without a buyer.
Following the announcement of the July 2018 market cooling measures, the Collective Sale Committee (“CSC”) initiated to lower the reserve price by 10% to S$325 million. This was duly approved at the EGM, and owners who are supportive of lowering the reserve price started signing a Supplemental Agreement (“SA”) to effect this.
Image credit: JLL
This process requires owners representing at least 80 per cent by total share value and by total floor area to approve. At this juncture, owners representing more than 75 per cent by total share value and by total floor area have executed the SA.
The 72-unit development has a land area of about 208,443 sq ft. It is zoned “Residential” with an allowable gross plot ratio (GPR) of 1.4 under the 2014 Master Plan. Pre-Application Feasibility Study (“PAFS”) on traffic impact is not required by LTA for the redevelopment of this site.
Flynn Park offers excellent accessibility to all parts of Singapore as Pasir Panjang MRT Station is at its doorstep. The Central Business District is just about 10 minutes’ drive away via the West Coast Highway and Keppel Viaduct.
The development is nestled in the established low-density Pasir Panjang residential neighbourhood. It provides a rare redevelopment opportunity for an upscale low-density living next to nature. It is just next to the Canopy Walk – an elevated boardwalk linking Kent Ridge Park to Hort Park.
Additionally, the site is in close proximity to a wide range of F&B offerings ar Pasir Panjang Food Centre, Seah Im Food Centre, various eateries along Pasir Panjang Road. Shopping and recreational amenities are readily available a short distance away at VivoCity, Sentosa, Resorts World Sentosa/Universal Studios.
At the reserve price of S$363.8 million, the unit land rate at Flynn Park is S$1,331 per sq ft per plot ratio.
At the lower proposed reserve price of S$325 million, the unit land rate is about S$1,198 psf/pr. Both unit land rates are inclusive of an estimated development charge of about S$24.5 million.
The tender for Flynn Park closes on Thursday, 29 January 2019, at 3 p.m.
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