Located at 18-22 Yew Siang Road, the 72-unit condominium is up for sale via public tender with a reserve price of $365 million.
Flynn Park, a 72-unit freehold condominium at 18-22 Yew Siang Road, has been put up for sale via public tender—its second collective sale attempt —with a reserve price of $365 million.
Located about 350m from Pasir Panjang MRT station, the development occupies a 208,443 sq ft site zoned for “Residential” use under the 2019 Master Plan with a gross plot ratio of 1.4.
Exclusive marketing agent Savills Singapore noted that the $365 million reserve price works out to $1,284 per plot ratio (ppr), including a 7% bonus gross floor area (GFA) for balconies.
Based on URA’s development baseline reply, the development charge payable, inclusive of bonus balconies, is about $36 million.
The site could be redeveloped into a new upscale, low-density development of up to 271 units averaging 100 sq m.
Sunil Guliani, Chairman of the Collective Sales Committee, shared that the Circle Line MRT has tremendously improved the development’s accessibility.
“Most of the owners will be sad to move out but Flynn Park is getting older and there are more maintenance issues to deal with these days. It is time to go en bloc,” he said.
Savills pointed that Flynn Park is also close to landmarks such as Sentosa, Mapletree Business Park, the Keppel Marina, and amenities like Pasir Panjang Food Centre, Vivo City, and Alexandra Retail Centre.
Moreover, the area is set to benefit from the future Greater Southern Waterfront, which stretches “across 30km of southern coastline from Pasir Panjang to Gardens by the Bay”.
“We are very excited to present this exceptional opportunity to acquire a large freehold site at the fringe of the city centre and just 350m from the MRT Station, yet right next to lush and matured nature parks,” said Galven Tan, Deputy Managing Director of Investment Sales and Capital Markets at Savills.
“Such prime mid-sized sites are exactly what developers are seeking. Furthermore, once completed in 2025, the Circle Line will connect the new development to Marina Bay Financial District in just seven stops.”
He revealed that several developers had already expressed keen interest in the site.
The tender for Flynn Park closes on 9 September.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg
