Hoi Hup and Sunway secure Thiam Siew Avenue sites for $815 mil
EdgeProp Singapore
November 19, 2021
Two freehold sites at Thiam Siew Avenue, sitting between Haig Road and Tanjong Katong Road in prime District 15 in the east, were sold for $815 million to a joint venture between Hoi Hup Realty and Sunway Developments. The sale was achieved after a competitive tender process managed by exclusive marketing agency, Savills Singapore at the close of the public tender on Nov 18.
The transaction comprises 22 freehold residential plots located on Thiam Siew Avenue with a total land area of 263,794 sq ft. The properties are zoned “Residential” with a plot ratio of 2.8 on the Masterplan 2019.
Based on the sale price of $815 million, and a further estimated development charge of approximately $284 million, the land price works out to about $1,488 psf per plot ratio (psf ppr). If the price includes an estimated $39.3 million for 7% balcony space, the land price works out to $1,440 psf ppr.
“At $815 million, the deal also marks the largest residential development site sold since July 2018,” says Galven Tan, deputy managing director of investment sales and capital markets at Savills Singapore who brokered the sale.
Read more at: https://www.edgeprop.sg/property-new...-sites-815-mil