Two freehold development sites on Thiam Siew Avenue (District 15) were sold for $ 815 million by public tender, which closed on November 18, 2021, covering an area of ââ263,794 feet square the largest land sale recorded in 2021 to date.
With Savills Singapore as the exclusive marketing agent, a joint venture between Hoi Hup Realty and Sunway Developments has secured the plum sites. The 22 plots of freehold residential development sites are zoned as âresidentialâ, with a plot ratio of 2.8 based on the URA 2019 master plan.
Located between Tanjong Katong Road and Haig Road, Thiam Siew Avenue is flanked on both sides by semi-detached houses and single-story pre-war bungalows.
They belonged to the hotelier and former president of Ban Leong & Co, Wee Thiam Siew, who died in 1972, before being entrusted to members of his family, under Thiam Siew Avenue Investments and Wee Thiam Siew & Co. Wee was also the former owner. Lion City Hotel and Hollywood Theater adjoining Tanjong Katong Road, before being sold to UOL in 2011 for $ 313 million.
For Thiam Siew Avenue sites, they are within walking distance of 2 MRT stations (EW8 / CC9 Paya Lebar Interchange MRT station and CC8 Dakota MRT station). fully developed. They are also within 1 km of Kong Hwa, Haig Girls and Tanjong Katong Primary Schools.
At a sale price of $ 815 million, with development costs estimated at $ 284 million, the price of the land is approximately $ 1,488 per plot (ppr). If we include the 7% bonus balconies (estimated development costs of $ 39.3 million), the eventual price of the land would be approximately $ 1,440 per person.
âWe are very happy to have achieved an excellent result for the suppliers. Thiam Siew Avenue is a popular and mature neighborhood with strong location attributes. We congratulate Hoi Hup and Sunway for securing this coveted site. At $ 815 million, the deal also marks the largest residential development site sold since July 2018, âsaid Galven Tan, deputy managing director, Investment Sales and Capital Markets, Savills Singapore.
âWe are very happy to secure these two rare Freehold sites in the East. In today’s competitive real estate market, we are very confident in the demand for quality freehold developments, especially for these large freehold lots in District 15. Our plan is to develop two luxury condominiums. high rise with over 800 units, âsaid Wong Swee Chun. , Chairman and CEO of Hoi Hup Realty.
This article first appeared in 99.co.