Henry Park sold for $175.9m
Far East Organization has bought Henry Park Apartments, located off Holland Road, for $175.9 million in a collective sale – a purchase that is set to be the largest en-bloc deal this year.
The price for the 999-year leasehold site in District 10 works out to $1,258 psf ppr. If the State approves an application to allow the developer to purchase an adjoining plot of State land of about 1,395 sq ft, the sale price will then drop slightly to $1,246 psf ppr.
Far East won the site after a closely contested tender exercise which closed on Dec 1 after attracting five bids.The sale is subject to approval from the Strata Titles Board. If approved, it will be the largest collective sale deal by value out of the 47 known deals concluded this year, the average of which has been about $60 million.
The previous highest valued collective sale deal was that of Hong Leong Garden Shopping Centre, which was sold for $171 million in September.
Henry Park Apartments comprises 48 apartments and 16 shop units. The site has a land area of about 99,880 sq ft and a plot ratio of 1.4.With the sale, each apartment owner stands to receive gross sales proceeds of between $2.3 million and $2.9 million and each shop owner, between $3.2 million and $4.7 million.
10 Dec 2011
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