Sunway and its partner Hui Happ Realty, managed by billionaire Jeffrey Cheah, won a S $ 371 million ($ 277 million) bid for a residential real estate auction in western Singapore. , Shows signs that the urban housing market is overheating. ..
The duo brokered the deal at Singapore’s largest co-sale site this year, saying it was buying Flynn Park, an existing 72-unit residential condominium on 208,443 square feet (19,364 square meters) of free land. Singapore said. In a statement on Friday.
“Flynn Park’s bidding exercises were fiercely contested,” Galventin, deputy managing director of investment sales and capital markets at Savills Singapore, said in a statement.
With more than 80% of the population fully vaccinated, developers are actively bidding on residential land throughout the island nation as the government expects a gradual recovery in Singapore’s economy as a result of deregulation by the pandemic. And replenishing land banks to meet the surge in housing demand. According to government data, total sales of private homes in Lion City increased to 16,549 units in the first half of the year, up 139% year-on-year.
Partners are planning to develop a “premium” residential building on the grounds of Flynn Park, Won Swee Chun, chairman and managing director of Hui Happ Realty, said in a statement.
“It’s a rare hillside plot that offers a panoramic view of the south,” Wong said. “It’s quiet and lush, yet close to the MRT network and minutes to the city. It’s also a big advantage because it’s adjacent to the new Southern Waterfront Development.”
Hoi Hup and Sunway’s Singapore subsidiary have been partners in the last decade. In 2017, the Duo completed the construction of Novena’s Royal Square, a 33-story mixed-use development near the Orchard Road shopping belt that houses Marriott’s 250-room Courtyard hotel, medical center, and retail stores. .. The following year, Sunway sold a 30% stake in the project to Whipup, funding land banking activities and cultivating a surge in housing demand in city-states.
Partners are co-developing several housing projects in Singapore, including 700 units of Parc Central Residences in the eastern town of Tampines and 660 units of Ki Residences in the western Prime Bukit Timah district.
Sunway was founded by Jeffrey Cheah in 1974. Jeffrey Cheah has built his fortune over the last 40 years by turning his vague tin mining company into a conglomerate with an interest in education, real estate, infrastructure, fintech and healthcare. With net worth of $ 1.4 billion, Cheah was ranked 15th on Malaysia’s 50 most wealthy lists announced in June.