KUALA LUMPUR, Sept 13 — Sunway Bhd, through its joint-venture vehicle with Singapore developer Hoi Hup Realty, has won a competitive bid for the en-bloc acquisition of Flynn Park, a condominium development in Yew Siang Road, Singapore, with a bid of S$371 million (RM1.15 billion) last week.
The conglomerate said Sunway Property and Hoi Hup intend to redevelop the site into a modern private residential condominiums, leveraging on the multiple strengths of its location.
“Flynn Park is located on a hillside, at the fringe of the city centre, next to public transportation and yet next to the lush and mature Kent Ridge nature park,” it said in a statement today.
Flynn Park, a 72-unit condominium block built in 1986, sits on an elevated 4.79-acre freehold plot of land and located just 350 metres from the Pasir Panjang MRT station on the Circle Line, said Sunway.
In addition, the development is a stone’s throw from landmarks such as the Pasir Panjang Food Centre, Mapletree Business City, VivoCity and Sentosa Island.
With the latest acquisition of Flynn Park, Sunway Property’s landbank stands at 3,339 acres (about 1,351 hectares), with a potential gross development value of RM54.4 billion.
Current developments by Sunway Property in Singapore includes a private condominium in Clementi – Ki Residences and an executive condominium in Tampines – Parc Central.
The projects have achieved robust take-ups of 60 per cent and 85 per cent, respectively. — Bernama