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21 Ewe Boon Road (S)259327
District 10 - Balmoral/Bukit Timah vicinity
63,571 square feet land
Freehold
Plot Ratio 1.6, up to 12 storeys
16 maisonettes & 2 adjoining bungalows
100% agreement
Elevated grounds; quiet cul-de-sac
Close to reputable schools
Closing on 21 May 2007, 2.30 pm
Handled by Credo Real Estate
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Published May 29, 2007
MCL Land is top bidder for Nob Hill Condo, 2 bungalows
MCL Land has emerged as the top bidder for Nob Hill Condominium and two adjoining bungalows on Ewe Boon Road, at a price of $95 million or $1,100 per square foot of potential gross floor area, including an estimated $17 million development charge, according to industry sources.
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Nob Hill Condo: Located at a cul-de-sac, the site is zoned for residential use with a 1.6 plot ratio
The properties, located at a cul-de-sac, have a combined freehold land area of 63,572 sq ft. They are zoned for residential use with a 1.6 plot ratio (ratio of maximum potential gross floor area to land area) and a 12-storey height limit. The plot can be redeveloped into a new project with about 65 units averaging 1,500 sq ft. The tender for the properties closed last week. It was handled by Credo Real Estate, which has declined to confirm the outcome of the tender.
Other recent benchmarks in the area include Eden Spring at Balmoral Road sold at $1,004 psf per plot ratio last month to TG Development, and One Balmoral, sold to Hong Leong Group in March for $1,188 psf ppr.
In its news release last month when launching Nob Hill Condominium and the two adjoining bungalows, Credo had said that since the condo belongs to an investment company, no Strata Titles Board application is necessary.
On the stock market yesterday, MCL ended two cents higher at $2.82.
30-May-2007 17:44:29
MCL Land Limited is pleased to announce that its wholly owned subsidiary, MCL Land (Prime) Pte. Ltd.'s offer for the en-bloc purchase of all 16 strata lots and the common property of the development known as Nob Hill Condominium, No 21 Ewe Boon Road and adjoining sites at Nos 15 & 17 Ewe Boon Road Singapore and Lots 570N & 613L both of TS 26 (collectively "the Properties") has been accepted by the owners of the Properties (collectively "the Owners.")
The Properties are freehold and have a combined land area of 5,906 square metres. The en-bloc purchase price for the Properties is S$95,000,000/-.
They are located along Ewe Boon Road, off Bukit Timah Road, within 1km from Orchard Road and in close proximity to the prime Orchard Road shopping belt.
The purchase price for the Properties was arrived at after taking into account various commercial factors including the development potential, location of the Properties and the recent transacted prices for properties in the vicinity.
The sale of the Properties is subject to approval from the Controller of Residential Property for the issuance of a qualifying certificate to MCL Land (Prime) Pte. Ltd.
10% of the purchase price amounting to S$9,500,000/- was paid to the Owners' solicitors on 30 May 2007 as stakeholders. The balance 90% of the purchase price will be paid on completion of the purchase of the Properties, which is scheduled on 23 August 2007.
The acquisition and development of the Properties will be financed by internal funds and/or bank borrowings. The transaction is not expected to have any material effect on the consolidated earnings and net tangible assets per share of MCL Land Limited for the financial year ending 31 December 2007.
None of the directors or substantial shareholders of MCL Land has any interest, direct or indirect, in the above transaction.