Things aren’t always running smoothly right from the start, as the owners of the How Sun Park found out. They tried to sell the estate that spreads over 54,942.7 square feet and hold 20 townhouses of three stories each on several occasions but did not manage to reach the desired numbers. It is said that the third try is always the luckiest, so the owners of this estate did not lose their hope but decided to put it up for a collective sale. And they did great the third time, selling the estate for no less than $81.09 million, which means approximately $4.05 million for every unit.
How Sun Park was purchased by a unit of the well-known SingHaiyi Group, putting in the estate’s former owners twice the amount of money they would have received for the individual sale of every unit. So, while collective sales are not the best choice all the time, for the How Sun Park estate this worked out more than okay. About 3 months ago was the latest transaction for this estate, which barely went under $1.9 million. This means about $1,092 for every square foot, which also includes the $2.92 million charge for future development.
The managing director of Teakhwa Real Estate, Mr. Sieow Teak Hwa, which is the company that managed the sale, stated that 19 of the 20 units were approved for sale by their owners. But, he also added that in case the owner of the last unit will not provide his approval in the coming weeks, then they will have to file an application to the Strata Titles Board in order to close this collective transaction. The tender for How Sun Park just closed recently, with quite a few bidders interested in the opportunities it provided. Of course, the highest bidder always wins. Most certainly the rather low reserve price set by the owners of the estate, which was only $70 million, attracted interest upon this sale.
SingHaiyi Huajiang Amber subsidiary, a unit of SingHaiyi Group, is the one that will take care of the management and development of the How Sun Park estate, as it is the winning bidder. Not so long ago, on the 23rd of September, another unit of the SingHaiyi Group, SingHaiyi Properties, managed to win the tender for Sun Rosier, a Singapore condominium that is rather close by. Thus, with two won tenders, the company is looking forward to tapping into the advantages provided by the development of these two projects.
Find out more on the How Sun Estate Park Collective sale from the link below,
http://www.straitstimes.com/business/property/how-sun-park-sold-en-bloc-for-8109m-on-third-try
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