Wednesday, August 29, 2012

Three residential sites sold in collective sale

Sysma Properties, a wholly-owned subsidiary of Sysma Holdings, has acquired Serangoon Mansion and 23 Race Course Lane  for a total price of S$22.8 million, said Knight Frank.
The two adjoining freehold redevelopment sites offer a combined land area of 7,641 sq ft and are categorised as “Residential with Commercial at 1st storey” under the 2008 Master Plan.

With a gross plot ratio (GPR) of 3.5, the sites generate a gross floor area (GFA) of 26,745 sq ft; hence a land rate of S$853 psf ppr and no development charge payable.

“The attractiveness of the subject site lies in its strategic location within the thriving Historic District of Little India which is rich with heritage and home to many traditional shophouses with interesting crafts,” said Ian Loh, Director and Head of Investment at Knight Frank.

Following the sale, apartment owners at Serangoon Mansion would receive gross sales proceeds of S$2.1 million each while the owners of 23 Race Course Lane will each pocket S$3.92 million.

Meanwhile, a planned joint venture (JV) between the subsidiaries of KSH Holdings, TEE International, Heeton Holdings, Futuris Holding and ZAP Piling, plan to redevelop the Sam Leong Mansion site located along Sam Leong Road.

The 12,362.45 sq ft freehold site was acquired by KSH Property Premier through a collective sale for S$40.3 million. It has a plot ratio of approximately 3.0 and is zoned for commercial use.

With a maximum GFA of 37,087.36 sq ft, the selling price translates to S$1,086.84 psf ppr.

Both KSH and TEE will own 35 percent of the project while Heeton, Futuris and Zap will hold 15, 10 and five percent respectively.

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