Combine freehold sites situated at prime district 10 were picked up by buyer and sold en bloc for S$53.9 million.
JLL executive director Tan Hong Boon said that the sale price comes out to roughly S$1,504 per square foot per plot ratio, inclusive of a development charge, at a gross plot ratio of 3.0, assuming 40% for commercial use and 60% of the GFA is for residential use.
According to the marketing agent, Royal Golden Eagle and Hillcrest Investments, a unit of Indonesian billionaire Sukanto Tanoto has purchased the properties.
Hillcrest is a real estate investor who focuses on sites with redevelopment potential. RGE Pte Ltd, situated in Singapore, manufactures natural fibers, edible oils, green packaging, and natural gas.
The property was initially listed with an asking price of S$62.5 million in January 2021. In October 2021, it was relaunched with a lower price of S$53.8 million.
Given the reduced reserve price for this second tender exercise, JLL, the marketing agency, said in a news release on Wednesday (Dec 15) that the en bloc tender ended last week with “strong interest.”
At the conclusion of the tender, three official submissions were received.
Given its location along Bukit Timah Road, with access to Coronation Plaza, Botanic Gardens, and educational institutions, RGE Pte Ltd president Tey Wei Lin stated the district 10 site “has excellent redevelopment potential.”
RGE also paid S$260 million for Chinatown Plaza in a collective sale in 2018.
According to Tey, the freehold land along Craig Road is now being converted into Mondrian Singapore, a premium hotel that will incorporate historic architecture from Singapore’s centuries-old shophouses with contemporary inspirations.
Mondrian Singapore is expected to debut in early 2023, according to him.
Because all 13 owners have consented to the sale agreement, no application for a sale order from the Strata Titles Board is required.