Condo off Thomson Rd sold for $159m in collective sale

Business Times: Fri, Sep 02
WHITLEY Heights, a District 11 condominium development located off Thomson Road, has been sold to Hoi Hup Realty for $159 million or $1,222 per square foot (psf) 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 $1,421-1,613 psf of land area. But there was no sale as the offers received for the 130,165 sq ft site were 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 $1,268 psf.

The final sale price of $159 million or $1,222 psf announced yesterday is slightly below that target. More than 80 per cent 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 100,000 sq ft 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 Heights’ 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: Business Times © Singapore Press Holdings Ltd

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