Singapore, 13 June 2018 – CBRE has set a record per square foot per plot ratio price of S$2,910 in the successful collective sale of Park House (柏园) located at 21 Orchard Boulevard in Singapore’s prime Orchard Road district. The public tender was awarded on 1 June 2018 to Shun Tak Cuscaden Residential Pte Ltd, a wholly owned subsidiary of Shun Tak Holdings Limited which is a listed company in Hong Kong.
The sale price of S$375.5 million translates to S$2,910 psf per plot ratio on the maximum allowable Gross Floor Area of approximately 129,035 sq ft, (excluding the 10% bonus for balconies). The price is a new benchmark in Singapore and exceeds the previous peak price of S$2526 psf per plot ratio which Hong Kong’s Swire Properties paid for the Hampton Court collective sale site at Draycott Park in January 2013. The Hampton Court sale was also handled by CBRE.
According to the Urban Redevelopment Authority’s baseline record, no development charge is payable, including the 10% bonus GFA for balconies. Zoned residential under the 2014 Master Plan, the site area is approximately 46,084 sq ft and has a plot ratio of 2.8. Shun Tak Holdings Limited intends to redevelop the site into a luxury residential development with expected completion by 2023.
Park House is a rare freehold 60-unit development in Orchard Road, comprising 56 apartments and 4 shop units. Each apartment unit owner and shop unit owner will stand to receive a gross payout of approximately S$6.1 million and S$8.1 million respectively.
Jeremy Lake, Managing Director, Capital Markets, CBRE said, “The response from local and foreign developers was overwhelming; we conducted more than 20 site inspections with developers from Hong Kong, Malaysia, Singapore, China and Indonesia. All of them immediately recognized the positive attributes of Park House including its very prominent yet exclusive location on Orchard Boulevard, the accessibility to the Orchard Road shopping belt and the short walking distance to Orchard Boulevard MRT when it is completed in 2021“.
The sale of Park House is the sixth collective sale brokered by CBRE in 2018, following the successful sale of Villa d’Este (S$93 million), The Estoril (S$224 million), Pacific Mansion (S$980 million), Cairnhill Mansions (S$362 million) and Rivera Point (S$72 million). Pacific Mansion holds the record for the largest collective sale transacted in the current enbloc cycle.
Edward Ong, the Chairman of Park House Collective Sale Committee said, “This wonderful outcome has certainly exceeded the expectations of all owners at Park House. On behalf of the collective sale committee, I extend our deepest appreciation to CBRE and Rajah & Tann for their diligent and efficient work”.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
