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Thread: Jervois Road site buys: Tiong Seng unit backs out

  1. #1
    Join Date
    Oct 2011

    Default Jervois Road site buys: Tiong Seng unit backs out

    Jervois Road site buys: Tiong Seng unit backs out

    Nov 2, 2017

    Tiong Seng Holdings said its subsidiary TSky (Jervois) yesterday exercised its right to rescind the option to buy two freehold sites in Jervois Road.

    This comes after the necessary redevelopment approval for the sites was not granted to TSky (Jervois) "due to restriction of redevelopment plans for the remaining left-behind plots", Tiong Seng said in a regulatory filing with the Singapore Exchange.

    Located in prime District 10, the two sites have a combined site area of about 13,415 sq ft and are zoned "residential" with a gross plot ratio of 1.4 under the Urban Redevelopment Authority's Master Plan 2014.

    On July 17, Tiong Seng had announced that TSky (Jervois), its 60:40 joint-venture company with Ocean Sky International, had exercised the option to buy the sites for $21 million and would undertake the development of the plots.

    In its statement yesterday, Tiong Seng said the termination is not expected to have any material impact on the earnings per share and net tangible assets per share of the group for the current financial year ending Dec 31, 2017.

    In August, Tiong Seng and Ocean Sky teamed up to acquire the historic Tudor-style Sloane Court Hotel and a small adjoining plot in Balmoral Road - belonging to the children of the Sloane founder, the late Chiam Heng Luan - for $80.5 million.

    Mr Lim Geok Hwee, chief operating officer of Tiong Seng Properties, the real estate arm of Tiong Seng, said at the time that the site would be redeveloped into a 12-storey, 80-unit condominium with units averaging 700 sq ft.

    Kalpana Rashiwala

  2. #2
    Join Date
    May 2011

    Default Re: Jervois Road site buys: Tiong Seng unit backs out

    The Sloane Court site that they bought is going to be re-developed into a new condominium called Sloane Residences. There won't be any one bedroom units, but instead the unit types will range from 2 bedroom to 4 bedroom apartments. Total of 52 units. These will be targeted more at the higher end market, so the unit sizes will be relatively bigger.

    Like around 1249 sq ft for the 3 bedroom units, which while not being super luxurious, is a good medium size compared to the new ones on the market that can go as low as below 900 sq ft. Tiong Seng Group and Ocean Sky will likely launch the Sloane Residences showflat for VIP Preview in late March or early April 2019. No indicative pricing yet. The location is around 780 m, about 11 to 12 minutes walk to Newton MRT station.

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