Far East Organization has added another bunch of residential units to its title. The organizations have bought 27 out of the 28 residential units on the upper floors of the 14-storey freehold building.
This comes after it had purchased the first six levels of the former AA Centre which it then renamed to 336 RV.
It bought the building that is located at the River Valley in 2013. The organization will have to part with S$124.10 million for the bulk purchase of the 27 units which consists of 23 apartments, and four penthouses.
Base on the sale price, it works out around $2,574 psf for the total strata area of roughly 48,222 sq ft.
It means the Far East Organization will have full ownership of all except one unit in the building based at 336 River Valley Road once the deal is done.
Richmond Capital Investments, a property agency acted as a broker of the sale of the 27 units. The deal was sealed through private negotiation after the tendering process.
All the 28 residential units under the ownership of different individual are based on the 7th and 14th levels. Richmond Capital Investments launched the bulk sale of the 22 of the residential units through a tender exercise in May 2018.
During that time, it said that the approval for the sale of the last six units was still pending due to the tender close.
In November 2013, the Automobile Association of Singapore (AAS) relocated its headquarters from the building to Kallang Bahru.
At the same year, FAR East paid a total amount to AAS for $61.8 million which translates to approximately $1,112 psf based on the 55,574 sq ft strata area for the 1st to 6th levels.
FAR East made the highest offer among the five parties that had shown interest during the period of sales that ended in 2012.
Furthermore, its price was more than the independent valuations placed by the AAS. The AAS sold the 28 residential units to fund the redevelopment of its headquarters in 1984.
In 2012, the owners of the 28 units tried to sell collectivity. They asked for $100 million of slightly more than $2,000 psf on strata area.
However, they did not meet their objective since none of the units were bought.
The current owner Far East is currently using the first three levels in the building as offices.
The fourth level acts as a recreation floor with a gymnasium and a swimming pool. The 32 service apartments occupied on the fifth and sixth levels. The building is located on a site of almost 33,751 sq ft.
According to Urban Redevelopment Authority’s Master Plan 2014, this location is marked to have a plot ratio of 2.8.
The 14-storey building exists the total gross floor area highlights a much higher ratio of around 3.78.
Managed by Philip Ng, Far East Organization has no immediate plans to use the property, and it is planning to keep it for long-term investment.
According to market watchers, in the short term FAR East could inspect the 27 apartments it is purchasing together with the earlier bought 32 serviced apartments and lease them out.
The organization also owns the 70,637 sq ft freehold site next door that currently houses a sales gallery showcasing some of its projects.
336 RV is located at 336 River Valley Road, Prime District 9 Singapore within Core Central Region
336 RV is previously known as AA Centre, the commercial building consists total of 60 units
The 27 units bought by Far East has a total strata area of 48,222 sq ft
These residential units occupy 7th to 14th of the building
Far East bought the 1st to 6th level of 336 RV in 2013
Richmond Capital Investments is the marketing agent of this collective sale
The District 9 freehold property is just across Pacific Mansion which sold en bloc for S$980 million in March 2018
It is considered an en bloc sale because a group of individual owners try to sell their properties collectivity
The freehold property is only mins walk away to Somerset MRT station
It’s only short drive to Orchard Road, Central Business District and Marina Bay
336 RV is situated in one of the best location within Prime District 9 where all nearby amenities and attractions can be easily reach
The commercial building comes with basement car park, with 90 lots in total