Welcome to A Star Valuer Pte Ltd

  Contact : Tel: 6689 6551 Email: [email protected]

Brookvale Park sold en bloc for $530m

This article first appeared in the Straits Times on 16 Feb 2018.


Brookvale Park, a 160-unit development in Sunset Way, has been sold to Hoi Hup Sunway, a joint venture between Hoi Hup Realty and Sunway Developments, for $530 million. This marks the fourth collective sale sealed under private treaty this week, after their public tenders had earlier closed without a sale being concluded.

The latest deal also represents the largest investment by Hoi Hup and Sunway Developments in their 11 years of partnership, said Hoi Hup Realty chairman Wong Swee Chun.

“The sprawling 999-year leasehold land is in a centralyet lush setting. We believe this provides a great opportunity to create a unique residential product,” he said.

The sale price of $530 million reflects a land rate of about $932 per sq ft per plot ratio, after factoring in an estimated development charge of about $26 million.

At this sale price, the owners would expect to receive gross sales proceeds of between $2.5 million and $4.4 million per unit, said the sole marketing agent JLL.

Over 80 per cent of the owners have consented to the sale, which is subject to several conditions being met, including an order of sale by the Strata Titles Board and the court, where applicable.