Macly Group has added five new properties to its land bank. In a recent transaction it acquired five two-storey terrace properties in Guillemard Road and Lorong 28 Geylang.
The deal valued at S$20.55 million include 331, 333, 335 and 339 located at Guillemard Road and the fifth one being 56 Lorong 28 Geylang.
They have picked up the sites in a private treaty deal through their fully-owned subsidiary and the transaction would be formalized by the middle of June.
The five freehold sites have an area of 12,839 sq ft. This would translate to a rate of around S$700 psf ppr. As per the 2014 Master Plan by the Urban Redevelopment Authority the sites fall under the residential use zone and have a plot ratio of 2.8.
Herman Chang, Founder and Managing Director of the Macly Group said that they have the necessary approvals to redevelop the properties into part-five storey and part-eight storey buildings that would have 47 units and plan to start redevelopment by the middle of next year.
The group has been on a buying spree in the recent months and acquired many sites. These include Kim Yam Road located Riviera Point that was acquired for S$72 million in an en bloc sale and 9 single-storey shop houses that are located along Changi Road and the Telok Kurau Road in a deal valued at S$35.5 million.
They have already obtained outline planning permission for the latter and plan to redevelop it into a five-storey residential project that would have attic and include 46 residential apartments, basement car park, rooftop pool and 7 shops.
Macly Group was established in 1987 and has been active in commercial as well as residential project over the last three decades.
It has also partnered with Roxy-Pacific Holdings listed on the mainboard and jointly worked on several projects that include Kuala Lumpur’s Infinitum that houses 723 small office home offices and 31 shop units which would be completed in 2020.
The group also owns several boutique hotels and Kuta based Cara Cara Inn started operations in October 2017 while Seminyak, Bali’s Lloyd’s Inn shall open by the end of this year.
Mr Chang also revealed plans for opening Lloyd’s Inn chain in the city of Yogyakarta as the group is already building one in Kuala Lumpur next year.
These apart from its popular Lloyd’s Inn in Singapore located in the Oxley Road and the Lloyd Road junction.