The Straits Times
31 August 2006
UOL buys Nassim Park for $380m
UNITED Overseas Land (UOL) has bagged the prime Nassim Park site for a whopping $380 million, making the Nassim Road property one of the most expensive collective sale deals ever.
The record is held by the 99-year leasehold Waterfront View in Bedok, which was bought by Far East Organization and Frasers Centrepoint for $385 million in May. For freehold properties, Lucky Tower in Grange Road takes top spot. It cost City Developments $383 million earlier this year.
Nassim Park’s price tag works out to about $1,107 per sq ft (psf) of potential gross floor area for the freehold site, which has a land area of 245,135 sq ft and a plot ratio of 1.4.
Each of the estate’s 104 owners will receive a premium of 70 per cent to 80 per cent over what their units would have fetched individually on the market. A flat of about 1,300 sq ft would fetch $2.2 million to $2.3 million. Savills Singapore handled the sale.
A new four-storey luxury development of about 130 units at 2,500 sq ft each can be built on the site, with an estimated breakeven price of between $1,700 psf and $1,800 psf, property consultants said.
UOL will also have to fork out at least $8 million in development charges for the plot, the first it has bought in a prime area in recent years.