Popular Land buys Permai Court for $20.25m

Business Times: Fri, Sep 23
POPULAR Holdings, through Popular Land Investment, has struck an enbloc deal to buy the freehold Permai Court at Kampong Bahru for $20.25 million.

A new development can potentially build up to a gross floor area (GFA) of 23,176 square feet, including a bonus 10 per cent gross floor area for balconies. The sale price thus works out to about $982 per sq ft per plot ratio (psf ppr), taking into consideration also an estimated development charge and the premium for the adjoining state land of about $2.5 million.

The group has seen success with two completed projects: One Robin and 18 Shelford. Construction of a third project, 8 Raja, is in progress.

The Permai Court site has a land size of about 8,009 sq ft, with a gross plot ratio of 2.1. Combined with the adjoining state land, the land size is about 10,033 sq ft.

Its proximity to the Sentosa Integrated Resort and the CBD areas were cited as possible pull factors for Popular to enter into the private treaty deal with the eight owners of Permai Court.

‘Popular has the option of either redeveloping the site into high-end residential units for sale, or for lease as luxurious serviced residences to cater to the needs of leisure travellers on holiday at the Sentosa integrated resort as well as the Mount Faber leisure cluster,’ said Jeffrey Goh, head of investment sale at HSR, the real estate agency engaged for this transaction.

Permai Court is the first residential site to be collectively sold this year in District 4. Owners of the eight apartments in Permai Court will receive amounts ranging from $1.43 million to $2.80 million for their apartments, which range from 797 sq ft to 1,884 sq ft.
Source: Business Times © Singapore Press Holdings Ltd

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