Flynn Park, Choon Kim House give collective sales another shot

The 208,443 sq ft Flynn Park is within walking distance of the Pasir Panjang MRT station and the Canopy Walk - an elevated boardwalk linking Kent Ridge Park to Hort Park.
Dated: 05-Jan-2019

Two more condominium blocks are having another shot at a collective sale, this time hoping to throw in the lure of a lower reserve price.

Both the developments - Flynn Park and Choon Kim House - have signed up JLL as marketing agent.

The Freehold 72-unit Flynn Park, off Pasir Panjang Road, has a minimum price of $363.8 million.

Owners have been collecting signatures since the July cooling measures to get an 80 per cent mandate to lower the reserve price to $325 million. They are at 75 per cent now.

After factoring in an estimated development charge of about $24.5 million, the original reserve price translated to $1,331 per square foot per plot ratio (psf ppr).

If a sufficient number of owners agree to lower the reserve, the site would go for about $1,198 psf ppr.

The first tender closed in June without a buyer.

Flynn Park, which spans 208,443 sq ft and has an allowable gross plot ratio (GPR) of 1.4, is near Pasir Panjang MRT and the Canopy Walk - an elevated boardwalk linking Kent Ridge Park to Hort Park.

The current tender closes at 3pm on Jan 29.

Meanwhile, more than 80 per cent of the owners at Freehold Choon Kim House in Upper Serangoon Road have agreed to lowering the reserve price of the commercial and residential site from $55 million to $50 million.

The new reserve price translates to a land rate of $1,173 psf ppr or $1,149 psf ppr after factoring in the 10 per cent bonus GFA (gross floor area) for the residential component, subject to approval.

The property was launched for sale last April at the $55 million asking price but the tender closed without a deal.

Choon Kim House comprises 20 commercial units and 10 apartments with 19 basement car parking spaces in a 14,988 sq ft site.

It has a GPR of 3 and could support a total GFA of 47,661 sq ft, including the 10 per cent bonus area if it gets the authorities' nod.

It is 700m from Serangoon bus and MRT interchange while Paya Lebar Methodist Girls', Maris Stella High, St Gabriel's Primary and CHIJ Our Lady of Good Counsel schools are nearby.

JLL said: "Choon Kim House also offers an appealing opportunity for organisations... looking to own and occupy their building for naming rights and brand awareness."

It added that it would also suit "an investor or developer who wishes to explore other forms of development like a boutique hotel or student hostel, subject to change of use and planning approval".

The tender closes at 2.30pm on Jan 30.

Source: Straits Times