Sun Rosier sold en bloc for $271m
25 Sept – Each owner is expected to gain around $2.86 million to $4.77 million from the sale.
In the latest en bloc sale, SingHaiyi Group has acquired Sun Rosier condominium at 5A How Sun Drive off Bartley Road for $271 million, up 15.3 percent from its $235 million asking price.
The bid for the approximately 146,046 sq ft freehold development was submitted by its subsidiary SingHaiyi Properties together with Huajiang International Corporation, the group said in an SGX filing.
Marketing agent Huttons Asia expects each homeowner to receive around $2.86 million to $4.77 million from the sale, reported the Business Times.
“This is 108 percent over the last or latest transacted price for a unit sold early this year or two times of what the subsidiary proprietors could fetch if they sell their units on an individual basis and not via en bloc,” it said.
Galven Tan, director of capital markets at CBRE, noted that the bid indicates that developers are still hungry for well-located and attractively priced sites.
“Owners should be assured that the reserve price they agreed to is the base case and competitive bidding among developers will ensure the premium to their reserve price.”
Huttons Asia collective sales head Stephen Tan revealed that the owners and the collective sale committee had prepared for the sale for the past year, “even when the market sentiment was not so rosy”.
“Sun Rosier is one of the few and rare freehold development sites. We capitalised on this, and external factors such as the strong demand for such sites and the prevailing conditions in the development land market near the upcoming Bidadari Estate to make this en bloc a distinctive success.”