Singapore-listed property developer Low Keng Huat yesterday said its subsidiary, Glopeak Development, has entered into an agreement for the purchase of 67 Cairnhill Road and two adjacent plots - lots 836C and 844T of Town Subdivision 27 - for $100 million.
The freehold site has a land area of 1,839.5 sq m or 19,800 sq ft, and is zoned for residential use under the Urban Redevelopment Authority's 2014 Master Plan with an allowable gross plot ratio of 2.8 times.
The house had been launched for sale via a tender in October last year with a guide price of $115 million, but that is believed to have closed without a deal being sealed.
The site is adjacent to Cairnhill Mansion at 69 Cairnhill Road, for which Low Keng Huat inked a $362 million deal in a collective sale in February.
The sale order approving the collective sale of Cairnhill Mansion with the Strata Titles Board has yet to be obtained.
Assuming it successfully completes the acquisition of 67 Cairnhill Road and the two adjacent plots, Low Keng Huat said it has the option to develop the property into a high-rise residential condominium that could yield around 55 residential units.
If the sale order for Cairnhill Mansion is approved, Low Keng Huat has another option of redeveloping this latest site and the Cairnhill Mansion plot into a high-rise residential condominium that is expected to yield approximately 200 residential units.