TWO FREEHOLD DEVELOPMENT SITES AT THIAM SIEW AVENUE have been sold for S$815 million via a public tender exercise which closed on 18 November 2021.
In a competitive tender process managed by Savills Singapore as the exclusive marketing agent, a joint venture between Hoi Hup Realty Private Limited and Sunway Developments Pte. Ltd. secured the plum development sites located in prime District 15.
The transaction comprises 22 plots of freehold residential development sites located on Thiam Siew Avenue and has a land area of approximately 263,794 sq. ft.. The properties are zoned “Residential” with plot ratio of 2.8 on the Masterplan 2019.
Located within walking distance to 2 MRT stations (EW8/CC9 Paya Lebar Interchange MRT Station and CC8 Dakota MRT Station), the sites are poised to benefit from their close proximity to Paya Lebar Central precinct – URA’s first Business Improvement District (BID) pilot programme outside CBD. Furthermore, several esteemed educational institutions are found within the neighbourhood, including Kong Hwa, Haig Girls’ and Tanjong Katong Primary Schools which are within 1km radius.
Based on the sale price of S$815 million, and a further estimated development charge of approximately S$284 million, the land price works out to approximately S$1,488 ppr. Including 7% bonus balconies (development charge estimated S$39.3m), the land price works out to approximately S$1,440 ppr.
Galven Tan, Deputy Managing Director, Investment Sales and Capital Markets, Savills Singapore said “We are very pleased to have secured an excellent result for the vendors. Thiam Siew Avenue is a popular and mature neighbourhood with strong locational attributes. At $815m, the deal also marks the largest residential development site sold since July 2018.”
Wong Swee Chun, Chairman and Managing Director, Hoi Hup Realty Private Limited said “We are very pleased to secure these 2 rare Freehold sites in the East. In today’s competitive real estate market, we are very confident of the demand for quality freehold developments, especially for these big freehold plots in District 15. Our plan is to develop 2 luxury high rise condominiums with more than 800 units.”
(Credit: Savills Singapore)