Singapore's Normanton Park, a development near Science Park, was purchased by Chinese firm Kingsford Huray Development for S$830.1 million.
Normanton Park is on a 660,999 square foot site that has a balance lease term of about 59 years.
The collective sale price, which translates to a land price of approximately S$969 per square foot per plot ratio, is the highest land rate for a 99-year leasehold collective sale site this year
Knight Frank marketed the collective sale of Normanton Park through a tender that closed on Thursday.
The sale comes just a day after Amber Park, a 200-unit freehold condo in Katong, was snapped up for S$906.7 million.
Normanton Park comprises 13 residential blocks of 488 apartment units with a site area of 61,408.9 square meters situated close to nature parks, with unblocked views to the landscape of Singapore as well as partial sea views.
A public tender was launched on August 22 and closed on October 5, and 87.3 percent of the owners have consented to the sale.
The gross development value for the site is estimated at S$2.23 billion, said 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 square meters.
