SINGAPORE - Three prime residential buildings near Orchard Road have been sold to three different developers for a combined price of $190.5 million, property consultancy firms JLL and CBRE said on Thursday (Nov 24).
The tenders for the freehold properties, located at 3 Cuscaden Walk, 120 Grange Road, and 8 Hullet Road, were launched simultaneously in October with an aggregate guide price of S$185 million, and closed on Nov 2.
"The response for the three buildings was strong, as evidenced by the number of tenderers and offers received," said Mr Karamjit Singh, international director and head of residential at JLL. "The results reflect an underlying confidence in the stability of the high-end residential market, which prior to this year, saw a steady decline in values over the preceding four years."
Cuscaden Walk, with a land area of 21,560 sq ft and a gross plot ratio of 2.8, was sold to SL Capital (2), a consortium led by Sustained Land, for $103.8 million. The sale price reflects a land rate of approximately $1,826 per plot ratio, according to a release issued by JLL and CBRE, which jointly managed the tender exercise.
The Grange Road site comprises an 11-storey block of 18 flats with a total strata area of 26,350 sq ft, sited on a land area of 15,780 sq ft and a gross plot ratio of 2.1. It was sold to a subsidiary company of Roxy-Pacific Holdings for $48.5 million.
The third one at Hullet Road is the smallest among the three properties with a land area of 10,733 sq ft. Built in the early 2000s, it comprises a 10-storey block of 18 apartments with a total strata area of 18,428 sq ft. The successful tenderer is Hullet Development, a consortium led by Patrick Kho of Lian Huat Group, which offered $38.2 million, translating to $2,073 psf on the existing strata area.
"Hullet Development is intending to build an exclusive high-end development given the excellent location of the property in the heart of Orchard Road," said Mr Jeremy Lake, executive director, Investment Properties at CBRE Singapore.
"Sentiment towards the prime residential market has improved since the middle of the year and some developers have been asking if there are sites for sale. These three sites are very well located which combined with their palatable deal sizes resulted in a very competitive bidding process," he added.