Whitley Heights, a District 11 condominium development located off Thomson Road, has been sold to Hoi Hup Realty for $159 million or $1,222psf of land area.
The freehold development, which consists of 45 units of walk-up apartments housed in three three-storey blocks, was first launched for sale in January this year.
The owners had then asked for $185 – 210 million, which works out to around $1,421 – 1,613psf of land area. But there was no sale as the offers received for the 130,165sqft site were way below the owners’ initial reserve price.
Credo Real Estate, which handled the collective sale exercise, then relaunched the estate for tender at a lower price in June. The price target was lowered to $165 million, or $1,268psf.
The final sale price of $159 million or $1,222psf announced yesterday is slightly below that target. More than 80% of the owners have consented in writing to Hoi Hup’s offer, said Credo Real Estate managing director Karamjit Singh.
The sale is subject to Strata Titles Board approval. If approved, this could be the third largest collective sale deal out of some 72 recorded deals concluded over the last 20 months – the average of which has been $53 million, Mr Singh added.
Although the site currently houses a condominium, it is zoned for two-storey mixed landed houses upon redevelopment.
“Whitley Heights is the largest freehold plot located in the prime districts of 9, 10 and 11 to be sold for its mixed landed residential development potential,” he said. “Islandwide, it would also be the first collective sale of a project with a land area in excess of 100,000sqft zoned for landed development in more than four years.”
Hoi Hup can build as many as 80 strata terrace houses or around 60 strata semi-detached houses on the site, Mr Singh said.
At Whitley Height’s sale price of $159 million, the owners will receive a gross sale price of between $3.3 million and $3.8 million, he said.
Source: The Business Times/Straits Times
Click below to read our earlier post on the Whitley Heights en bloc sale: