The purchase price is higher than the asking price of $106 million. (Photo: ET&Co)
Peak Court, a four-storey residential project at Thomson Road, has been sold via collective sale for $118.88 million, higher than the asking price of $106 million, marketing agent Edmund Tie & Company (ET&Co) said on Friday (11 May).
The freehold project was purchased by TSRC Novena, a joint venture between Tuan Sing Holdings and Rich Capital.
More: Freehold Peak Court On Sale For $106m
“We are happy with the team’s success in clinching the site in this competitive bidding environment. This acquisition is in line with Tuan Sing’s focus on offering quality homes in central locations and is a good addition to our land bank,” said Tuan Sing Holdings CEO William Liem.
“The site’s strategic location and proximity to lifestyle and premium medical facilities such as Thomson Medical Centre, the future Health City Novena, Novena Square, United Square and the excellent transport connectivity, opens up various exciting redevelopment opportunities.”
The purchase price of the development comprising 20 maisonettes translates to $1,558 psf per plot ratio based on its gross plot ratio of 1.4 and land area of 57,378 sq ft.
Located within prime District 11, the site is close to Novena MRT station, while the Orchard Road shopping belt and Singapore’s central business district are just a short drive away.
ET&Co noted that the site could be redeveloped into a luxury boutique condominium with about 106 units.
“We are happy that all owners are united in the collective sale with 100 percent owners’ consent,” said Hamish Macalister, chairman of Peak Court’s collective sale committee.
ET&Co is also handling the en bloc sale of Casa Meyfort, a 76-unit freehold condominium in Meyer Road, with the tender exercise closing on 21 May.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com