Phoenix Heights a freehold condominium located in Bukit Panjang has sold en bloc at S$33.1 million to USB Holdings.
The District 23 freehold property is the first en bloc site sold in August and is a great news for everyone.
According to OKP Holdings, the bid from USB Holdings was considered after taking into account the prevailing market conditions and price of properties around Bukit Panjang.
The sale of the property was overseen by Anna Tan, ERA Realty senior division director who said that it was a surprise deal as it was sealed after new property measures had been announced last month.
Anna witnessed the sale and said that the deal was properly sealed between the parties involved.
The 99-yr leasehold property was built in 1969 and USB Holdings intends to redevelop it.
USB Holdings now plans to lobby funds by borrowing from banks and/or using its internal resources. Despite the acquisition, this will not have a material impact on the earnings per share this year.
The condominium which is located in Bukit Panjang sits on a 3,971.9 square metres area with allowance to develop the land to a maximum of five storeys.
Moreover, the plot ratio of this land is 1.4 and the maximum allowable gross floor area is 5,560.66 sq m. Besides, the area is zoned for residential use.
Additionally, upon redevelopment of the condominium by USB Holdings, a new 99-year lease period will apply.
Currently, USB Holdings is owned by Ho Lee Group, Chye Joo Construction, OKP Holdings, and Hwa Seng Group.
Furthermore, OKP Holdings which announced the purchase news commands 25% of shares in USB Holdings.