The S$906.7 million deal went to City Developments’ (CDL) wholly owned subsidiary Cityzens Development and Hong Leong Group’s private real-estate arm Hong Realty.
The price reflects a land rate of about S$1,515 psf per plot ratio, based on the allowable gross plot ratio of 2.8. Development charges are not payable for the proposed redevelopment, which can accommodate around 24 to 26 storeys.
In August, it was announced that Tampines Court had been sold for S$970 million, the largest enbloc deal in a decade. Earlier this year, Eunosville, a complex of 10 residential blocks with 330 apartments, was sold to Hongkong Land Holdings’ MCL Land for S$765.8 million.
Several other developments, such as Spring Grove in Grange Road and Braddell View, have their eye on breaching the S$1 billion threshold in the coming month.
– 4th October 2017