On the 19 Nov 2021, local developer Hoi Hup Realty and Malaysian conglomerate Sunway acquired two freehold land parcels in Singapore's prime District 15 along Thiam Siew Ave for $815 million.
The total land plots comprise 22 plots across the two land parcels, occupied by five bungalows and 10 pairs of semi-detached houses in Thiam Siew Avenue, which is between Tanjong Katong and Haig Road, with a land area of approximately 264,000 sq ft.
This redevelopment is within walking distance of the Paya Lebar and Dakota MRT stations, and near the Kong Hwa, Haig Girls' and Tanjong Katong primary schools.
The relaunched project will be named The Continuum.
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Analyst estimates future developments on these 2 land parcels could be launched at between S$2,400 and S$2,630 psf
20 Nov 2021
Wong Swee Chun, chairman and managing director of Hoi Hup Realty, said in the release that the firm took interest in the sites as they are 2 rare freehold ones in the east of Singapore.
"In today's competitive real estate market, we are very confident of the demand for quality freehold developments, especially for these big freehold plots in District 15," he said.
Wong also revealed plans to develop 2 luxury high-rise condominiums with more than 800 units there.
Based on the land rate of S$1,440 psf ppr, Mak estimates the future developments on these sites could be launched at between S$2,400 and S$2,630 psf, after factoring in construction and other development costs.
19 Nov 2021
TWO freehold development land parcels at Thiam Siew Avenue, a residential street of landed homes adjacent to Tanjong Katong Road, have been sold for S$815 million to a joint venture between Hoi Hup Realty and Sunway Developments.
The deal marks the largest residential development site sold since the July 2018 round of property cooling measures, when the government raised Additional Buyer's Stamp Duty (ABSD) rates and tightened Loan-to-Value limits.
According to Savills, the land price of the 2.45 ha site, which has a plot ratio of 2.8, translates to about S$1,488 per square foot per plot ratio (psf ppr), after an estimated development charge of about S$284 million. The land rate works out to about S$1,440 psf ppr if a 7 per cent bonus on balconies is further taken into account, it added.
19 Nov 2021
SINGAPORE - Local developer Hoi Hup Realty and Malaysian conglomerate Sunway have acquired two freehold land parcels in Singapore's prime District 15 for $815 million.
The parcels are part of an extensive residential development site, the largest sold since the July 2018 cooling measures, noted Savills Singapore, which brokered the deal.
The deal represents the highest price paid in a single transaction for residential development land since a Government Land Sales plot in Silat Avenue went for $1.035 billion in May 2018, according to reports.
The transaction, which followed a tender exercise that closed on Thursday (Nov 18), comprises 22 plots across the two land parcels. These are occupied by five bungalows and 10 pairs of semi-detached houses in Thiam Siew Avenue, which is between Tanjong Katong and Haig Road, with a land area of approximately 264,000 sq ft.