Rysk
02-09-11, 23:34
Whitley Heights condo sold for S$159m in collective sale
A condominium located off Thomson Road has been sold to Hoi Hup Realty for S$159 million, or approximately S$1,222 psf of land area.
Called Whitley Heights, the freehold development comprises 45 walk-up apartments in three 3-storey blocks.
It was launched for sale in January 2011, with the owners setting an asking price of between S$185 million and S$210 million (around S$1,421 psf to S$1,613 psf of land area). However, no sale was completed since the offers received were below the owners’ initial reserve price.
In June 2011, Credo Real Estate re-launched the property for tender at a lower price of S$165 million (S$1,268 psf).
Karamjit Singh, Managing Director of Credo Real Estate, said that although the final sale price of S$159 million (S$1,222 psf) was slightly below the target, more than 80 percent of the owners approved of Hoi Hup’s offer.
“Whitley Heights is the largest freehold plot located in the prime districts of 9, 10 and 11 to be sold for its mixed landed residential development potential,” he said.
“Islandwide, it would also be the first collective sale of a project with a land area in excess of 100,000 sq ft zoned for landed development in more than four years.”
With a sale price of S$159 million, Whitley Heights’ owners will receive a gross sale price of S$3.3 million to S$3.8 million.
A condominium located off Thomson Road has been sold to Hoi Hup Realty for S$159 million, or approximately S$1,222 psf of land area.
Called Whitley Heights, the freehold development comprises 45 walk-up apartments in three 3-storey blocks.
It was launched for sale in January 2011, with the owners setting an asking price of between S$185 million and S$210 million (around S$1,421 psf to S$1,613 psf of land area). However, no sale was completed since the offers received were below the owners’ initial reserve price.
In June 2011, Credo Real Estate re-launched the property for tender at a lower price of S$165 million (S$1,268 psf).
Karamjit Singh, Managing Director of Credo Real Estate, said that although the final sale price of S$159 million (S$1,222 psf) was slightly below the target, more than 80 percent of the owners approved of Hoi Hup’s offer.
“Whitley Heights is the largest freehold plot located in the prime districts of 9, 10 and 11 to be sold for its mixed landed residential development potential,” he said.
“Islandwide, it would also be the first collective sale of a project with a land area in excess of 100,000 sq ft zoned for landed development in more than four years.”
With a sale price of S$159 million, Whitley Heights’ owners will receive a gross sale price of S$3.3 million to S$3.8 million.