News: Flynn Park, Choon Kim House lower prices for another en bloc attempt

Jan 7, 2019

Most of the owners at Flynn Park off Pasir Panjang Road have agreed to a lower asking price. (Photo: JLL)

Two freehold developments – Flynn Park and Choon Kim House – have relaunched their en bloc sale tenders at lower reserve prices, revealed marketing agent JLL on Friday (4 Jan).

Most of the owners at Flynn Park, a 72-unit freehold project off Pasir Panjang Road, have agreed to cut the minimum asking price by 10 percent to $325 million.

More: Over 30 En Bloc Sites Fail To Secure Buyers

Based on its land area of about 208,443 sq ft, the new reserve price translates to a land rate of $1,198 psf per plot ratio (psf ppr), which includes a development charge of about $24.5 million.

The project was previously launched with an asking price of at least $363.8 million ($1,331 psf ppr) in May 2018, but the tender closed in June without any takers.

After the announcement of the new property cooling measures on 6 July 2018, its Collective Sale Committee (CSC) proposed to slash the reserve price, and this was approved during an extraordinary general meeting (EGM). While over 75 percent of the owners by overall share value and total floor area have signed the supplemental agreement to lower the price, this is still shy of the 80 percent threshold needed.

The site has a land area of around 208,443 sq ft zoned for residential use with a permitted gross plot ratio of 1.4. Moreover, the Land Transport Authority (LTA) doesn’t require the buyer to conduct a Pre-Application Feasibility Study (PAFS) before proceeding with the redevelopment.

Aside from being situated next to Pasir Panjang MRT station, the property is within proximity to VivoCity and Sentosa. It is also adjacent to Canopy Walk – an elevated boardwalk connecting Hort Park with Kent Ridge Park.

Meanwhile, the Choon Kim House mixed-use project along Upper Serangoon Road has been relaunched for sale after more than 80 percent of the owners consented to slash the asking price to $50 million from $55 million during its previous tender launch in April.

The four-storey property with an attic comprises 10 residential units with 19 basement carpark lots and 20 commercial premises.

The new reserve price works out to a land rate of $1,173 psf ppr, or $1,149 psf ppr after taking into account the 10 percent bonus GFA for its residential component, subject to obtaining approval from the relevant authorities.

Built in the early 2000s, the property sits on a 14,988 sq ft site intended for residential and commercial use with a gross plot ratio of 3.0. Subject to approval, the property can be potentially redeveloped to a total GFA of 47,661 sq ft inclusive of the 10 percent bonus GFA for the residential component.

Aside from being close to Serangoon MRT station, Choon Kim House is near Nex megamall and Kovan Heartland mall, in addition to popular F&B spots along Upper Serangoon Road.

Furthermore, Paya Lebar Methodist Girls School is within a 1km radius of the property, while St Gabriel’s Primary School, Maris Stella High School and CHIJ Our Lady of Good Counsel are located within 2km.

The tender exercises for Flynn Park and Choon Kim House will close on 29 and 30 January respectively.

More: Understanding The En Bloc Process (August 2018)

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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