Simon Cheong in $55m Tomlinson deal

(SINGAPORE) Simon Cheong of SC Global has bought 13 freehold apartments at The Tomlinson along Cuscaden Road for about $55 million or $1,500 per square foot, sources say.

The units are the remaining apartments in the exclusive 29-unit block designed by Pei Cobb Freed, the renowned architectural firm founded by I M Pei. The interiors were handled by Hirsch Bedner Associates, according to an earlier report.

Mr Cheong bought his units from the project's developers, Wing Tai and AIG. The apartments transacted range in size from about 2,300 sq ft, with three bedrooms plus a study, to about 4,800 sq ft, with four bedrooms.

DTZ Debenham Tie Leung is said to have brokered the deal.

The project is 20 storeys high.

Market watchers expect Mr Cheong to sell the units later for a cool profit. Just across the road, Hong Leong Group is expected soon to launch its 173-unit St Regis Residences condo, which some analysts say could be pitched as high as $2,600 psf.

Part of the reason for the benchmark price expected for Hong Leong's condo is that St Regis Residences will offer the perks of the adjacent St Regis Hotel, including access to the hotel's 24-hour butler service, hotel-style room service and cleaning.

Market watchers suggest Mr Cheong, who prides himself as being a savvy property investor, may add some embellishments to his 13 apartments before putting them on the market.

The Tomlinson was developed on the former 33,416 sq ft Tomlinson Mansion site at the corner of Tomlinson and Cuscaden roads, which Wing Tai bought in early 1995 through an en bloc sale for $62 million.