SINGAPORE - KBD Ventures, a subsidiary of construction and property developer Koh Brothers, has won the collective sale tender for Toho Mansion in Holland Road for S$120.43 million or around S$1,805 per sq ft per plot ratio.
The freehold site, which has an area of 4,427.8 sq m and a plot ratio of 1.4, can be redeveloped into a potential gross floor area of 6,818.7 sq m, including a 10 per cent bonus balcony area, Koh Brothers said in a filing with the Singapore Exchange early on Friday (March 9).
Zoned for residential use under the Urban Redevelopment Authority's 2014 Master Plan, the plot enjoys enjoys a high development baseline with no development charge to redevelop the site, Edmund Tie & Company, the marketing agent for the sale, said on Friday.
Toho Mansion is a walk-up apartment complex with two four-storey residential blocks consisting of a total of 32 apartments. It sits on an elevated site next to a Good Class Bungalow housing estate and is in close proximity to Holland Village Shopping Centre and Chip Bee Gardens.
The sale and purchase of the property are expected to be completed three months after the date of the acceptance.
Said Francis Koh, managing director and group chief executive of Koh Brothers: "We are excited to have won this prime and rare freehold site that is in the heart of the vibrant Holland Village lifestyle enclave."
KBD Ventures intends to redevelop the property, subject to obtaining the necessary approvals from the authorities. Koh Brothers said that the purchase would allow the group to expand its development portfolio in Singapore.
"We look forward to creating a fresh concept that will offer a seamless and integrated experience with the great convenience and connectivity in this up-and-coming neighbourhood, which has been earmarked by the Government for a highly anticipated makeover and expansion," Mr Koh added.
The Toho Mansion site "will mark the third site to be added to our land bank, as we continue to prudently seek attractive development sites at choice locations".
"In view of the recovering residential sector in Singapore, we will monitor the market closely to launch the project at an opportune time to capitalise on the upcycle," Mr Koh said.
Edmund Tie & Company's senior director for investment advisory Swee Shou Fern commented: "This is a very attractive site that stands out from the crowd. Its many positive attributes include the coveted freehold tenure, single ownership, prestigious Holland Road address, high development baseline and the convenience of Holland Village, Chip Bee Gardens and the MRT station located right at its doorstep."
Koh Brothers shares were trading 0.5 cent down, or 1.5 per cent, at 33 cents as at 12.34pm on Friday.