Vicland Realty buys Haig Mansions for S$21.5m

The 16-unit Haig Mansions has been sold to Vicland Realty for S$21.5 million through an en bloc sale exercise.

This translates to a land rate of about S$720 psf ppr at a gross plot ratio (GPR) of 1.54, including the 10 percent gross floor area (GFA) for balconies.

With a land area of 20,226 sq ft, the freehold site is zoned “residential” with a GPR of 1.4 and a permissible height of up to five storeys.

“The site has been well received by the market due to its regular land shape, popular location in District 15 and healthy take-up rates in the new projects in the vicinity,” said Yong Choon Fah, Executive Director of Credo Real Estate.

“Haig Mansions has an added advantage of being close to a new growth area — Paya Lebar Central, which has been earmarked by the government to be developed into a bustling commercial hub with offices, retail, hotel and public spaces.”

Following the successful collective sale, each of the owners will get gross sale proceeds of more than S$1.3 million. If necessary, the sale will be subject to the approval of the Strata Titles Board.

To contact the journalist, you may send your message to editor@propertyguru.com.sg