The Normanton Park en-bloc deal is one of the biggest seen in Singapore. It was sold for $830.1 million, which is 30 million in excess of the reserve price. Normanton Park was built in the mid-1970s by the Ministry of Defence with the purpose of fostering camaraderie within its officers is approximately 660,999 sqf in size and encompasses 13 blocks of 488 apartments. It was a well-loved home by its residents as it was located near nature parks.
Kingsford Development is the winning bidder for the site. The developer was interested in the land due to its redevelopment potential and its proximity to the Buona Vista growth area that includes One North and Science Park.
In addition to the $830.1 million price tag paid by Kingsford for the site, the developer also needs to make additional payments of $2.834 million in differential premium and 2.311 million in lease top-up to 99 years. The eventual price tag for Kingsford for the Normanton Park site is $969 psf per plot ratio based on a gross floor area of 1.39 million square feet, plot ratio being 2.1.
Analysts concluded that this is one of the highest price per square foot per plot ratio a developer has paid for a leasehold 99-years land.
As above-mentioned, the land cost of Normanton Park is $1344.6 million. Factoring in construction cost, taxes, marketing and other costs, which is estimated to be $665 million. Therefore the estimated breakeven costs for Kingsford Waterbay to launch Normanton Park before developer margin is $1,448 psf per plot ratio. If we include a 20% developer margin, the estimated launch price could be $1,738 psf.
Land Cost: $969 psf ppr
Estimated Construction Cost: $368 psf
Estimated Professional Costs/Taxes: $94 psf
Estimated Marketing Cost: $17 psf
Estimated Breakeven: $1,448 psf
Developer’s Profit Margin: 20%
Estimated Launch psf: $1,738 psf
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