The En bloc of How Sun Park
How Sun Park, a freehold three-storey development comprising 20 units, was around for about $81.09 million to some SingHaiyi Group subsidiary, SingHaiyi Huajiang Amber Pte. Ltd..
The property has a site area of around 5,104.3 sq m and a gross plot ratio of 1.4.
Inclusive of an estimated development charge of $2.92 million, the price works out to $1,092 psf per plot ratio. For this, owners will receive around $4.05 million to each unit, which can be more than twice the amount they would have received had they individually sold their units in the market, reported Business Times.
More details on the financing
Within an SGX filing, SingHaiyi revealed that SingHaiyi Huajiang Amber is a 50:50 joint venture between Corporate Bridge, a fully-owned unit of the company, and Huajiang Properties II, that will be a product controlled by Gordon Tang and Celine Tang. Both would be the controlling shareholders and directors of the company.
It noticed that the purchase will be funded by bank borrowings and internal resources.
SingHaiyi doesn’t expect the purchase to materially impact its consolidated net tangible assets per share and consolidated earnings per share for the fiscal year ending 31 March 2018.
The En bloc fever having impact on other developments
The latest en bloc craze has impacted the exiting units in the current market with executive condos being the most transacted number of units like Northwave and Inz Residence.
The next upcoming executive condos will the ones developed by Hoi Hup and Sunway, that is Rivercove Residences EC and the last GLS ec at Sumang walk around Punggol area. Thereafter the supply of executive condos will be stagnant and will have some impact on the middle income upgraders.