Tuan Sing Bought freehold land parcel at hillview (Jalan Remaja)
PUBLISHED APR 13, 2017, 5:00 AM SGT
Designers foreseeing an upturn in the property market are chasing for new destinations, with Singapore Exchange-recorded Tuan Sing the most recent to shore up its territory bank.
The firm yesterday said it has consented to purchase a 4,046 sqm empty plot in Hillview for $47.8 million through its unit Episcia Land from Andermatt Investments.
The buy of the freehold arrive at 1 Jalan Remaja comes hot on the heels of a distinctly challenged government arrive deals (GLS) site on Tuesday. The delicate for the Toh Tuck Road site drew 24 offers, a record for a non-landed GLS site.
Malaysian engineer S P Setia put in the top offered of $265 million for the 18,721.4 sqm site, which is relied upon to yield around 325 units.
Tuan Sing likewise put in an offered for the Toh Tuck site in a joint wander with KBD Ventures, yet came in fourth place with its $241.68 million offer.
Tuan Sing senior VP of business advancement Nick Ng said the firm idea it had been bullish with the Toh Tuck offer, yet said “we will at present offer circumspectly and screen the market, not only for the recharging of land”.
For its Hillview site, Mr Ng said that it hopes to pay more than $20 million on top of the price tag being developed charges – charges collected to lift the estimation of land, for example, through expanding the plot proportion.
The freehold Hillview site is its lone private plot. It is relied upon to yield 100 units, and will be propelled in the second quarter of one year from now.
Mr Ng said engineers are ravenous for land as the GLS supply is constrained, including: “You will see more enbloc deals, and more hold rundown destinations will be activated.”
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