Thur 24 Nov 2016, it has been announced that three prime buildings in Orchard Road have been purchased by different developers at $190.5 million.
These freehold residential buildings are 120 Grange Road, 3 Cuscaden Walk and 8 Hullet Road. The public tender for these prime residential buildings closed in early Nov this month.
SL Capital (2), a subsidiary of Sustained Land bought the 21,560 sqft 3 Cuscaden Walk plot for $103.8 million or about $1,826 per square foot per plot ratio (psf ppr). When it is redeveloped, development charge of about $6.43 million has to be paid.
A group led by Patrick Kho of Lian Huat Group bought the 8 Hullet Road site for $38.2 million or about $2,073 psf ppr. This Singapore property with a land size of 10,733 sqft is the smallest amongst the 3 residential developments put up for sale.
120 Grange with a land area of 21,560 sqft was sold to a subsidiary of Roxy-Pacific Holdings for $48.5 million or about $1,841 psf ppr.
We wait with abated breath as very soon, these 3 residential sites will be redeveloped into beautiful new condo launch developments.
Market for prime residential buildings looks good as some developers are looking for more land sale in very prime and well-located areas. The Singapore prime property market seems to have picked up from the middle of this year as compared to the lull market in the past 4 years.