In recent news, Hoi Hup Realty and Sunway Developments, a joint partnership, made a large investment in the Brookvale Park development. According to the Hoi Hup Sunway partnership, the two-storey bungalow and private residential development located at Sunset Way provides a unique opportunity for a new condominium residential product. The reason being is that this 999-year leasehold on the land is in a central lush setting, not far from many educational institutions and the Bukit Timah Nature Reserve.
The sale of this residential development marks the eight deal so far of the year at $3.14 billion in collective sales. To put this in perspective, in 2017 the total collective sales on residential properties was only $8.7 billion across thirty collective sales. The sale price of Brookvale Park came in at $530 million, which is approximately $932 per square ft after the $26 million deduction charge for the estimated development. This means that the owners of each unit will receive anywhere between $2.5 and $4.4 million in gross income from the sale. Currently, only about eighty percent of the owners have consented to the sale, however, other conditions must also be met before it goes through, which includes an “order of sale” by the Strata Titles Board.
The new development that Hoi Hup Sunway is looking to create in place of Brookvale will be a condominium residential area with unblocked views of the lush green landscape. Since the Brookvale Park plan had a 1.6 gross plot ratio, this upcoming new launch condo will have a gross floor area of 656, 494 square feet which includes a balcony area of ten percent.
Important landmarks in the area include the Bukit Timah Nature Reserve, Holland Village, and several international education institutions such as Singapore University of Social Sciences, the Canadian International School, and Ngee Ann Polytechnic.
Learn more from the link below
http://www.straitstimes.com/business/property/brookvale-park-sold-en-bloc-for-530m
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