Friday, March 23, 2012

Tai Keng Court sold for S$161m

Tai Keng Court, a residential-cum-commercial redevelopment site in Upper Paya Lebar, has been sold to Kensington Village Pte Ltd, a joint venture company between Fragrance Group and World Class Land Ltd, for S$161.1 million.

Jones Lang LaSalle (JLL), the sole marketing agent for the property, said the tender price translates to around S$1,109 psf ppr, approximately 25 percent above the asking price. It noted that each apartment owner will receive gross sale proceeds of S$1.88 million while shop owners will receive between S$2.19 million and S$2.55 million.

Situated at the junction of Jalan Lokam and Upper Paya Lebar Road, Tai Keng Court comprises of 56 apartments and 24 commercial shops located in three 3/4-storey walk-up blocks. It has a total land area of 103,798 sq ft with a gross floor area (GFA) of up to 145,317 sq ft.

“With strong interest and take-ups from the recent mixed development launches, of which most are leasehold 99 years, developers are aware of the rarity of such sites. This is especially so as Tai Keng Court built in the early 70s sits on a large freehold site with a commercial component which has great convenience and frontage, and is long due for redevelopment,” said Nicholas Ng, Associate Director of Investments at JLL.

“This resulted in the strong interest received for this collective sale tender with most bids being very competitive and above the asking price.”

The property is strategically located near JTC’s Paya Lebar iPark as well as to Serangoon and Bartley MRT stations. Reputable schools are also within the vicinity, including Maris Stella High Primary School, Paya Lebar Methodist Girls’ School, The Australian International School and Stamford American International School.

View the original article here

Source From Property Guru

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