Flynn Park in Pasir Panjang pursues en bloc sale once again

Jul 28, 2021


PROPERTY consulting group Savills Singapore revealed on Wednesday that it has launched the public tender of Flynn Park, situated at 18 to 22 Yew Siang Road, a freehold elevated residential site about 350 metres from Pasir Panjang MRT station.

This will be the property's collective sale committee's (CSC) 2nd collective sale effort, after its first tender in June 2018 ended without a purchaser.

Savills Singapore is the exclusive sole marketing agent for the public tender exercise, which will close on Sept 9 at 3pm.

The site is zoned for residential usage with a permitted gross plot ratio of 1.4 under the Urban Redevelopment Authority's (URA) 2019 Master Plan and has a land area of about 208,443 square feet.

Flynn Park's reserve price is at S$ 365 million, which works out to S$ 1,284 per plot ratio, consisting of a 7 percent bonus gross floor area for balconies, Savills stated.

When it was launched for collective sale back in June 2018, this is somewhat higher than the property's S$ 363.8 million.

Based on URA's development baseline reply, the development charge payable, inclusive of bonus balconies, is about S$36 million. The site can be redeveloped into a new upscale, low density development of up to 271 units with an average size of 100 square metres.

Chairman of the development's CSC Sunil Guliani said that the Circle Line MRT has improved accessibility to Flynn Park "tremendously", although the development is showing its age.

"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.

In addition to the MRT station, Flynn Park is close to sites like Mapletree's business park and Sentosa, along with facilities such as Pasir Panjang Food Centre as well as VivoCity.

"Such prime mid-sized sites are specifically what developers are looking for. When completed in 2025, the Circle Line will link the brand-new development to Marina Bay Financial District in simply 7 stops," he said, adding that a number of developers have actually expressed eager interest in the site.

Savills deputy managing director of investment sales and capital markets Galven Tan stated that Flynn Park offers an "remarkable opportunity" to acquire a big freehold site at the edge of the city centre.

The location is additionally set to take advantage of the government's plans for the Greater Southern Waterfront, which will certainly extend throughout 30km of the southern coast from Pasir Panjang to Gardens by the Bay.