Hoi Hup & Sunway Buy 2 Thiam Siew Ave Land Parcels At $815M

General

Last Updated: Nov 28, 2021

Thiam Siew Ave Land Parcels Price:

Hoi Hup Realty and Sunway, a Malaysian conglomerate, have purchased two freehold Thiam Siew Ave land parcels for $815 million in District 15 at the close of a public tender on 18.11.2021. It is one of the largest residential development sites sold since July 2018, says the broker of the deal, Savills Singapore.
Thiam Siew Ave Land Parcels

credit: onemap

According to property records, this is the most money ever paid for residential development land since a Government Land Sales parcel on Silat Avenue sold for $1.035 billion in May 2018. The transaction, which came about as a result of a closed tender exercise on Thursday, involves 22 plots spread across the two land parcels. 10 semi-detached houses and 5 bungalows occupy the land at Thiam Siew Avenue which is between Hiag Road and Tanjong Katong.

Thiam Siew Ave MRT Stations & Schools:

In addition to Paya Lebar and Dakota MRT stations, Tham Siew Avenue is near Haig Girls’,Kong Hwa and Tanjong Katong primary schools.

Thiam Siew Ave Redevelopment:

The area is set to be developed into a new private residential development with a gross development value of $2 billion – the area’s projected value after redevelopment.
It will be a two-building condominium complex with over 800 units, according to chairman and managing director Wong Swee Chun of Hoi Hup Realty. An estimated $284 million additional development charge to the sale price of $815 million brings the land price to approximately $1,488 per square foot per plot ratio (psf ppr). ERA Realty’s head of research and consulting, Nicholas Mak, said units could be priced between $2,400 and $2,630 per square foot. Earlier in the year, Sunway purchased the freehold Flynn Park site in Pasir Panjang for $371 million. In Singapore, the firm has launched 999-year leasehold Ki Residences in Sunset Way, Clementi and executive condominium Parc Central Residences.
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Source: https://www.straitstimes.com/business/property/hoi-hup-sunway-acquire-freehold-land-in-district-15-for-815m-in-largest

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