Key Sentence:
- Sunway, controlled by billionaire Jeffrey Chea and partner Hoi Hup Realty won the tender for a residential property in western Singapore with a $371 million ($277 million) bid, adding to signs that the housing market is trending.
Hot city country.
The duo purchased Flynn Park – a 72-story residential building that sits on 208,443 sq ft (19,364 sq ft) of vacant land – at Singapore’s most Jeffrey Chey significant mass retail outlet this year. Savills Singapore brokered the deal, said in a statement Friday.
“The bidding process for Flynn Park is very competitive,” said Galven Tan. Deputy general manager, Jeffrey Chey investment sales and capital markets at Savills Singapore.
Developers have been aggressively requesting housing across the island nation to replenish their land reserves and meet growing housing demand. Singapore’s economy is expected to recover gradually as the government is now easing pandemic restrictions. As more than 80% of the population has been fully vaccinated. Total sales of private homes in Lion City rose to 16,549 in the first half. Increasing 139% year-on-year, government figures showed.
The partners plan to develop a “first-class” residential building on the Flynn Park site, said Wong Sui Chun, chairman, and general manager of Hoi Hup Realty.
“This is a rare hilltop property that has great views to the south,” said Wong. “Quiet, lush, and green, but enjoy the proximity to the MRT network and only minutes from the city. It will also Best benefit from its proximity to the new Southern Waterfront development. “
Hoi Hup and Sunway’s subsidiaries in Singapore have been partners for ten years.
In 2017, the two completed construction of the Royal Square in Novena. A 33-story multi-purpose building near the Orchard Road shopping district. That houses the 250-room Marriott Hotel Courtyard, medical center And retail store. The following year, Sunway sold its 30% stake in the Hoi Hup project to fund land banking and boost housing demand in the city-state.
The partners jointly developed several residential projects in Singapore. Including Parc Central Residences with 700 units in the east of Tampines city and Ki Residences with 660 units in the prestigious Bukit Timah district in the west.