Sunway Berhad, through its joint venture vehicle with Singapore developer Hoi Hup Realty, has won a competitive bid for the en-bloc acquisition of Flynn Park, a condominium development located in Yew Siang Road, Pasir Panjang, Singapore with a bid of SGD371 million (approximately RM1.15 billion) on 9th September 2021.
Flynn Park, a 72-unit condominium block built in 1986 was open for tender at the end of July 2021. It is sited on an elevated 4.79-acre freehold plot of land and is located a mere 350m from the Pasir Panjang MRT station on the Circle Line. In addition, the development is a stone’s throw from landmarks such as the Pasir Panjang Food Centre, Mapletree Business City, VivoCity and Sentosa Island.
Under the URA Master Plan 2019, the site is zoned “residential” with a plot ratio of 1.4. Sunway Property and Hoi Hup intends to redevelop the site into modern private residential condominiums, leveraging on the multiple strengths of its location which is on a hillside, at the fringe of the city centre, next to public transportation and yet next to the lush and mature Kent Ridge nature park.
The deal was brokered by Savills Singapore who described it as the largest collective sale site in Singapore in 2021. Collective sales in Singapore has picked up due to the rebound in Singapore’s property market.
Current developments by Sunway Property in Singapore include Ki Residences, a private condominium in Clementi, and Parc Central, an Executive Condominium in Tampines have all done well since their respective launches. The projects have achieved robust take-ups of 60% and 85% respectively.
With the latest acquisition of Flynn Park, Sunway Property’s landbank to date stands at 3,339 acres, with a potential GDV of RM54.4 billion.