History of Normanton Park
Normanton Park was built in 1977 exclusively for the Singapore Armed Forces (SAF) personnel and their families. Located near Kent Ridge Park, its residents had enjoyed many years of serenity and splendid views of vast areas of greenery around their estate. Officially opened in April 1978 by former Deputy Prime Minister and Minister of Defence Goh Keng Swee, the condominium bordered by the Ayer Rajah Expressway (AYE) and Kent Ridge Park, was developed by the Ministry of Defence to provide affordable housing for Singapore Armed Forces (SAF) commissioned officers and to build camaraderie among them.
It was designed and built by the HDB with 488 units of mainly five-room flats spread across five high-rise blocks. Eight three-storey blocks containing executive flats were also built on the plot of more than 632,000 sq ft.
Normanton Park En Bloc
Normanton Park has been sold to Kingsford Huray Development for S$830.1 million, the latest in a flurry of en bloc sales sealed in 2017.
The collective sale price, which translates to a land price of approximately S$969 per square foot per plot ratio (psf ppr), is the highest land rate for a 99-year leasehold collective sale site this year, said marketing agent Knight Frank in a news release on Thursday (Oct 5).
Each home owner will stand to receive about S$1.68 million to S$1.86 million.
Kingsford will have to fork out a premium of about S$231.1 million to renew the lease for another 99 years, and top up about S$283.4 million to redevelop the site to a gross plot ratio of 2.1.
A public tender was launched on Aug 22 and closed on Oct 5, and 87.3 per cent of the owners have consented to the sale.
The gross development value for the site is estimated at S$2.23 billion, said Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank. The new high-rise development could potentially house more than 1,200 new residential units of 100 sq m.
“New homeowners can potentially enjoy lush greenery views and unblocked views to the city,” Mr Loh added.
Normanton Park, a former government housing project located off Ayer Rajah Expressway, was originally built in the mid-1970s for military personnel and their families. The 40-year-old development has 13 residential blocks of 488 apartment units with a site area of 61,408.9 sq m.