Freehold residential site on Haig Road sold for $32.8mil

27 Nov 2020

The District 15 site currently houses a three-storey development that features 10 terrace homes and a bungalow that was completed 25 years ago. Image: Google Maps

Casuarina Properties has sold a 25,054 sq ft freehold land at the Haig Road/Haig Lane corner to a consortium that includes entities linked to Terence Goon of Nobel Design, Patrick Kho of Lian Huat Group as well as David Ong and Von Lee, both of 2E Capital for $32.8 million, reported The Business Times (BT).

The District 15 site currently houses a three-storey development that features 10 terrace homes and a bungalow. Completed 25 years ago, the development underwent some upgrade works around 10 years ago.

Most of the landed houses are tenanted, with the leases expiring at various periods, up to early 2022.

Situated opposite Tanjong Katong Secondary School, the site is also near two primary schools, namely Tanjong Katong Primary School and Haig Girls’ School.

BT noted that the site – which is zoned for residential use under the 2019 Master Plan with a gross plot ratio of 1.4 – can be redeveloped into a low-rise apartment project of up to five storeys. It could feature up to 32 residential units, with sizes averaging 100 sq m.

Recommended article: The URA Master Plan: How to Understand It and Make Your Property an Investment

Including a development charge (DC) of around $264,602, the $32.8 million price works out to a land rate of $943 per sq ft per plot ratio (psf ppr).

This could even go lower to $924 psf ppr (inclusive of $1.86 million DC), should the developer tap the 7% bonus gross floor area for balconies.

Lee of 2E Capital, who also serves as Expand Construction’s Managing Director, has shared plans to launch the proposed residential project by Q4 2021, said BT

Casuarina Properties is controlled by the Lee Foundation as well as members of the Lee family.

JLL, which marketed the site via an expression of interest exercise that closed on 15 October, declined to comment on the sale, added BT.

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