SINGAPORE – The Sun Rosier condominium off Bartley Road has just been sold for S$271 million in the latest en-bloc sale in Singapore.
The freehold development was bought over by SingHaiyi Group, which submitted a bid that was S$36 million above the initial asking price of S$235 million.
The site has a land area of 146,046 sq ft and a gross plot ratio of 1.4 under the Urban Redevelopment Authority’s 2014 Master Plan.
Each owner at the 78-unit condominium stands to receive a windfall of between S$2.86 million and S$4.77 million, at an average of S$1,885 per square foot, according to marketing agent Huttons Asia.
This is 108 per cent over the latest transacted price for a unit sold early this year or twice of what the owners would likely receive if they sold their units individually, it added.
The tender, which closed Thursday, received four bids that were “very close” in price, said Huttons Asia senior division director Terence Lian.
Mr Lian said attributed the successful sale of the condominium to the “Bidadari effect”, noting that the condominium is near the upcoming new town and is about five minutes’ walk from Bartley MRT station.
Singapore’s en-bloc market has been heating up, with a spate of properties being put up for sale.
However, Mr Lian warned that there were also many unsuccessful collective sales, as price was still a major factor. “The location, with the right pricing, will attract bullish and active participation. Sellers’ expectations are going higher and higher with the market, but going forward, it’s not so easy if their ongoing expectations are beyond what the market can take.”
He added that a realistic reserve price will “entice prospective bidders to spend time and resources on a feasibility study”.