Park House is a rare freehold 60-unit development, comprising 56 apartments and four shop units. Each apartment unit owner stands to receive a gross payout of about $6.1 million and each shop unit owner, $8.1 million.
Park House enjoys a prominent yet exclusive location on Orchard Boulevard with good accessibility to the Orchard Road shopping belt and a short walking distance to Orchard Boulevard MRT when it is completed in 2021.
“The response from local and foreign developers was overwhelming; we conducted more than 20 site inspections with developers from Hong Kong, Malaysia, Singapore, China and Indonesia,” said CBRE managing director of capital markets Jeremy Lake, the agency that sealed this enbloc deal.
This new benchmark price beats the previous peak of S$2,526 psf ppr, which Hong Kong's Swire Properties paid for the Hampton Court collective sale site at Draycott Park in 2013.