PETALING JAYA (Sept 13): Sunway Bhd, through its joint-venture (JV) vehicle with Singapore developer Hoi Hup Realty, has won a competitive bid for the en bloc acquisition of Flynn Park in Singapore, with a bid of S$371 million (approximately RM1.15 billion) on Sept 9.
Flynn Park is a 72-unit condominium development located on Yew Siang Road in Pasir Panjang, Singapore. Built in 1986, it was open for tender in end-July.
Sitting on an elevated 4.79-acre (about 1.94ha) freehold plot of land, it is just 350m from the Pasir Panjang MRT Station on the Circle Line. The development is also a stone’s throw from landmarks such as the Pasir Panjang Food Centre, Mapletree Business City, VivoCity and Sentosa Island.
Sunway Property and Hoi Hup intend to redevelop the site into modern private residential condominiums, banking on its location on a hillside at the fringe of the city centre, next to public transportation as well as the lush, mature Kent Ridge nature park.
Under the Urban Redevelopment Authority (URA) Master Plan 2019, the site is zoned “residential” with a plot ratio of 1.4.
The deal was brokered by Savills Singapore, who described it as the largest collective sale site in Singapore in 2021.
Current developments by Sunway Property in Singapore include Ki Residences, a private condominium in Clementi, as well as Parc Central, an executive condominium in Tampines. The projects have achieved take-ups rates of 60% and 85% respectively.
To date, with the latest acquisition of Flynn Park, Sunway Property’s total land bank stands at 3,339 acres, with a potential gross development value (GDV) of RM54.4 billion.