Located in Sunset Way, Brookvale Park has been sold at the cost of $530 million. The development which consists of 160 units has been acquired by Hoi Hup Realty and the Sunway Developments as a joint venture. According to JLL, this price translates to $932-psf ppr. Tan Hong Boon, the regional director of JLL, said that the new owners expect gross sales per unit to range between $2.5m and $4.4m. The developer for Brookvale Park is Hoi Hup Realty and is now the development Ki Residences. Ki Residences is located near to many shopping malls and shopping centres.
Brookvale Park Enbloc Sold for $530M
Karamjit Singh, a senior consultant for JLL said that the total tally for 2017 from 32 deals was $8.78 billion. The selling of Brookvale led to an accumulative tally of $3.17 billion. This amount comes from the successful sale of several en blocs in 9 deals.
It’s worth noting that more than 80 percent of the owners had to agree to this sale. There were also several conditions that had to be met which include the order of sale issued by the Strata Titles Board. Both Sunway and Hoi Hup have been partners for over 11 years. The acquisition of this property is their largest investment, according to Wong Swee Chun who is the chairman of Hoi Hup Realty.
Brookvale Park Located Near to Clementi with Unblock Views
According to Boon, the new units could potentially offer residents beautiful unblocked views. Brookvale Park is located in a gorgeous enclave that’s strictly designated for the development of private residential units as well as 2-story bungalows. The developers have a chance to create a unique modern residential development thanks to the setting. The surrounding area is green and lush. Furthermore, this property is also located in a centralized location.
Brookvale Park Sold to Hoi Hup Realty
As per the information outlined in the press release, this property has a 999-year leasehold. It’s also zoned as residential and it has a 1.6 plot ratio. The Brookvale Park site can still be redeveloped into a premium condo with a 656 494 square feet total gross floor area. This will also include a 10 percent bonus for the balcony area as per the 2014 master plan. If the redevelopment is successful, Sunset Way will be extended so that it connects to Clementi Road.
Brookvale Park is located in a highly attractive place. Sunset Way is an enclave that exclusively fits the upper-middle class. The area is also close to world-class learning centers from primary to tertiary level. They include Ngee Ann Poly, the Canadian International School, and NUS among others. Holland Village is a cool neighborhood that’s a short drive away from Sunset Way while the Bukit-Timah Nature Reserve is just a couple of minutes away.