Sunway’s JV wins bid to acquire Flynn Park condo in Singapore

Sunway Property and Hoi Hup intend to redevelop the site into modern private residential condominiums 


SUNWAY Bhd’s joint venture (JV) with Singapore-based developer, Hoi Hup Realty Pte Ltd, has won a competitive bid for the en-bloc acquisition of Flynn Park, a condominium development located in Yew Siang Road in Pasir Panjang, Singapore, with an offer of S$371 million (RM1.15 billion). 

The tender was open at end-July for the 72-unit condominium block, sited on an elevated 4.79-acre (1.94-ha) free-hold plot of land and a mere 350m from the Pasir Panjang Mass Rapid Transit station on the Circle Line.

The Flynn Park condominium was built in 1986.

“The development is a stone’s throw from landmarks such as the Pasir Panjang Food Centre, Mapletree Business City, VivoCity and Sentosa Island,” Sunway noted in a statement yesterday. 

Under the Urban Redevelopment Authority Master Plan 2019, the site is zoned “residential” with a plot ratio of 1:4. 

Sunway Property and Hoi Hup intend to redevelop the site into modern private residential condominiums, leveraging on the multiple strengths of its location which is on a hillside, located at the fringe of the city centre. 

It is also situated next to public transportation and to the lush and mature Kent Ridge nature park. 

The deal was brokered by Savills Singapore, which has described it as the largest collective sale site in Singapore this year. 

Sunway said the collective sales in Singa- pore has picked up due to the rebound in the domestic property market. 

Current developments by Sunway Property in Singapore including Ki Residences, a private condominium in Clementi and Parc Central, an executive condominium in Tampines have all done well since their respective launches. 

“The projects have achieved robust take-ups of 60% and 85% respectively,” the group said. 

With this latest acquisition of Flynn Park, Sunway Property’s landbank to date stands at 3,339 acres with a potential gross development value of RM54.4 billion. 

Sunway shares ended 0.57% lower to RM1.75 yesterday, valuing the company at RM8.63 billion.