Chiku Mansions Sold En Bloc to Macly Group for Over $22 Million in District 15

Chiku Mansions, a freehold walk-up development in Joo Chiat’s District 15, has been successfully sold through collective sale to Macly Group for over $22 million.

The rare boutique redevelopment site achieved slightly above its reserve price, underscoring strong developer demand despite a competitive en bloc market.

Chiku Mansions Sale Details

Constructed in 1983, Chiku Mansions is a four-storey development comprising nine apartments. The property was acquired at $1,180 per square foot per plot ratio (psf ppr), marginally exceeding its $22 million reserve price of $1,168 psf ppr.

No land betterment charge is payable, adding to its attractiveness.
The tender process drew two formal bids and two expressions of interest, reflecting keen attention from developers and serviced apartment operators.
Despite joining the tender process at a late stage, Macly Group demonstrated strong conviction by outbidding competing offers, according to ERA’s Jeremy Rikas Chiu.

About the Buyer – Macly Group

Established in 1987 by Herman Chang, Macly Group is a privately-held Singapore property developer with an established portfolio spanning residential, commercial, and mixed-use developments.

The company has recently completed several boutique projects, including The Ivera (51 units), Jansen House (21 units), and Koon Seng House (17 units).
In partnerships, Macly co-developed Hill House (72 units) and Neu at Novena (87 units).

The acquisition of Chiku Mansions continues Macly’s focus on small freehold sites in prime locations.

Chiku Mansions Site Redevelopment Potential

The 13,453 square feet freehold site is anticipated to be redeveloped into an intimate boutique residential project comprising fewer than 20 units. Positioned at the strategic intersection of Chiku Road and Joo Chiat Place, the prime location offers:

Proximity to Haig Girls’ School and CHIJ Katong Convent.
Family-friendly amenities and connectivity within District 15.
Growing demand for exclusive, low-density developments.

Market Context

Collective sales of freehold boutique sites have grown increasingly scarce in recent years, particularly amid the prevalence of larger Government Land Sales (GLS) parcels.

Nevertheless, District 15 continues to attract strong interest for boutique redevelopment opportunities.

Several nearby projects have successfully emerged from former collective sale sites:

Claydence (former Malacca Hotel) – 28 units, launched May 2024, achieving 46% sales at $2,402–$2,551 psf.
Koon Seng House (former East Court) – 17 units, launched March 2024, securing 59% sales at $2,235–$2,362 psf.
La Mariposa (former Tian Court) – 17 units, completed in 2022, with resale transactions at $2,035 psf.
K Suites (former Li Jiang Gardens) – 19 units, launched in 2023, attaining 58% sales at $2,323–$2,354 psf.

“Most land parcels in collective sales today are larger and compete directly with GLS sites. Smaller freehold plots like Chiku Mansions are rare and highly sought after,” notes ERA’s Jeremy Rikas Chiu.

This acquisition highlights continued developer appetite for niche freehold opportunities, especially in prime residential districts.

The collective sale of Chiku Mansions to Macly Group strengthens the developer’s expanding boutique residential portfolio while further cementing District 15’s status as a premier destination for intimate freehold redevelopment projects in Singapore.