In what is one of the biggest freehold condo site deals in the last 12 months, Lee Tat Development has sold a 207,000 sq ft plot at the end of Jalan Senang and Lengkong Tujoh, off Sims Avenue, for $158 million.
The buyer is a joint venture involving Hoi Hup and Malaysia’s Sunway group.
The purchase price works out to about $445 per square foot of potential gross floor area, including an estimated development charge of about $36 million.
The vacant plot is zoned for residential use with a 2.1 plot ratio (ratio of maximum potential gross floor area to land area) and a 12-storey maximum height under Master Plan 2008.
Credo Real Estate brokered the sale through a private treaty deal.
‘According to our records, this sale could mark the first large-scale freehold condominium site sold in almost two years, that is, since the tail-end of the active en bloc sale market of 2007,’ Credo’s managing director Karamjit Singh said.
‘Transactions of large private residential redevelopment sites belonging to a single owner are very rare,’ he added. Continue reading