SINGAPORE (EDGEPROP) - The collective sale momentum has recovered from the depths of Covid in the middle of last year. “While there were just a few developments where owners were exploring a collective sale last year, the number has picked up significantly this year,” says Jeremy Lake, Savills Singapore managing director of investment sales and capital markets.
Savills brokered the sale of Flynn Park, a condominium at Pasir Panjang that was sold en bloc to a joint venture between Hoi Hup Realty and Sunway Developments on Sept 10. The purchase price was $371 million, which was above the reserve price of $365 million when it was launched for tender towards the end of July. It was even higher than the reserve price of $363.8 million when it was last put up for collective sale in June 2018.