Lee Foundation unit sells Haig Road property

The freehold asset fetches S$32.8m; currently, a three-storey development of 10 terrace houses and a bungalow sit on the 25,054 sq ft site

Fri, Nov 27, 2020

CASUARINA Properties, controlled by the Lee Foundation and members of the Lee family, has sold 11 landed homes on 25,054 sq ft of freehold land at the Haig Road/Haig Lane corner for S$32.8 million.

Located opposite Tanjong Katong Secondary School, the District 15 plot can be redeveloped into a low-rise apartment project with up to 32 units of an average size of 100 square metres gross floor area (GFA).

Under the Urban Redevelopment Authority's Master Plan 2019, the site is zoned for residential use with 1.4 gross plot ratio (ratio of maximum GFA to land area) and can be developed up to five storeys.

The price works out to S$943 per square foot per plot ratio (psf ppr) inclusive of an estimated development charge (DC) of S$264,602 payable to the state.

Assuming the developer taps the 7 per cent bonus GFA for balconies, the unit land price works out to a lower S$924 psf ppr (inclusive of S$1.86 million DC).

The property is being bought by a consortium that includes entities connected to Patrick Kho of Lian Huat Group, Terence Goon of Nobel Design, and Von Lee and David Ong, both of 2E Capital.

When contacted, Mr Lee, who is also the managing director of Expand Construction, said the plan is to launch the proposed apartment project by the fourth quarter of next year.

Currently on site is a three-storey development comprising 10 terrace houses and a bungalow. It was completed 25 years ago, with some upgrading done about 10 years ago.

Most of the landed homes are tenanted; the leases expire at various times, up to early 2022.

JLL, which marketed the property through an expression of interest exercise that closed on Oct 15, declined to comment, when approached by BT.

The site is within one kilometre of two primary schools - Haig Girls' School and Tanjong Katong Primary School.