The Myst

(Former Tan Chong Industrial Park)
798 & 800 Upper Bukit Timah Road

SOLD APR 2022

Developer : CDL

CALL 6100 8108REGISTER INTEREST
DISTRICT
D23 - BUKIT PANJANG
UNITS
408
PROPERTY TYPE
CONDO
TENURE
LEASEHOLD

Register Interest for The Myst Today!

The Myst is the project name for the redeveloped Tan Chong Industrial Park, located at 798 and 800 Upper Bukit Timah Road (beside Hazel Park Condominium) was sold to CDL Aries in Apr 2022 for $126.3m.

The sale assets comprise an aggregate site area of 16,630 square metres (sq m) (179,003 sqft), the buildings on the site, as well as their fixed plant and equipment including all fixtures, lifts, and air-conditioning units. The collective fair value of the assets amount to S$95.9 million as at end-June 2021.

Located conveniently near to Cashew MRT Station
Land Plot can yield 408 units
Estimated sales launch : 1H 2023

Register Your Interest Today!

Registration: General Form

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Former Tan Chong Industrial Park in Pictures (to be redeveloped as The Myst)

The Former Tan Chong Industrial Park land plot, marked as Residential on the URA Master Plan.

Former Tan Chong Industrial Park Street View

PRESS COVERAGE

Tan Chong International’s H1 net profit soars on property disposal

22 Aug 2022

AUTO dealer Tan Chong International's net profit for the first half of 2022 increased to HK$130.6 million (S$23.2 million) from HK$27.1 million, a 381 per cent jump from the same period a year ago.

The huge increase was a result of the disposal of 1 of the company's properties in Singapore, as previously announced in an earlier bourse filing on Jul 7.

It had said then that an indirect wholly-owned subsidiary of the company had granted a call option to a unit of City Developments to purchase 2 properties along Upper Bukit Timah Road for S$126.3 million in November last year. The call option was subsequently exercised on Apr 13, 2022.

Reference

PRESS COVERAGE

Tan Chong to sell 2 properties in Upper Bukit Timah Road to CDL for S$126.3m

The collective fair value of assets amount to S$95.9m as at end-June 2021

24 Nov 2021

TAN Chong International's indirect wholly-owned subsidiary has granted a call option to a unit of City Developments (CDL) to purchase its property, plant and equipment for S$126.3 million.

Based on an Acra filing seen by The Business Times on Tuesday (Nov 23), the potential buyer, CDL Aries, is owned by CDL's subsidiary, CDL Constellation. An option fee of some S$6.3 million or 5 per cent of the consideration is payable to Tan Chong should CDL Aries decide to exercise the call option, with a remaining S$120 million to be paid upon completion of the transaction.

Located at 798 and 800 Upper Bukit Timah Road, the sale assets comprise an aggregate site area of 16,630 square metres (sq m), the buildings on the site, as well as their fixed plant and equipment including all fixtures, lifts, and air-conditioning units. The collective fair value of the assets amount to S$95.9 million as at end-June 2021. Existing tenancies are due to expire on Mar 31, 2022 and come with an aggregate monthly rent of S$49,776.

The properties are next door to Hazel Park Condominium.

Reference

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