SINGAPORE (EDGEPROP) - The owners of Flynn Park, at 18-22 Yew Siang Road, have launched a new collective sale tender for the site. The reserve price for the freehold development is $365 million, which translates to $1,284 psf per plot ratio (ppr). Savills Singapore has been appointed the marketing agent. (See also: Choon Kim House, Flynn Park relaunched for en bloc sale)
The 72-unit apartment development sits on a 208,443 sq ft plot in Pasir Panjang. The elevated site is at the end of a cul-de-sac on Yew Siang Road and is about 350m from Pasir Panjang MRT Station on the Circle Line.
This is the second collective sale attempt by the owners of Flynn Park. In May 2018, the development launched its first collective sale tender at a reserve price of $363.8 million but closed without a bid. It was relaunched under the same collective sale tender in January 2019, but this also ended without a bid.
“The Collective Sale Committee (CSC) wanted to move quickly with our second collective sale attempt, and we were impressed with the Savills team who were tasked with getting the 80% within two months, which they duly did,” says Sunil Guliani, chairman of the Flynn Park CSC.
He adds that the age of the development and the number of maintenance issues faced by the development encouraged the owners to attempt another collective sale.
Galven Tan, deputy managing director, investment sales & capital markets at Savills Singapore, notes that the site is “right next to lush and mature nature parks”. He adds: “Such prime mid-sized sites are exactly what developers are seeking.”
Tan says that in the weeks leading up to the public tender launch, several developers have already expressed interest to acquire the site. The tender for Flynn Park will close on Sept 9.