THREE adjoining freehold redevelopment sites near the Botanic Gardens have fetched S$53.9 million in a collective sale to Hillcrest Investments, an affiliate of Indonesian billionaire Sukanto Tanoto’s pulp, paper and palm oil giant Royal Golden Eagle (RGE).
Comprising a total of 8 walk-up apartments and 4 ground-floor shops, the property is located at 551 to 553 Bukit Timah Road and 6 to 8 Duke’s Road, and also includes a driveway. They span a total land area of 16,479 square feet (sq ft).
The deal price works out to a land rate of about S$1,504 per square foot per plot ratio, inclusive of a development charge at the gross plot ratio of 3.0, assuming 60 per cent of the gross floor area is for residential use and 40 per cent for commercial use, said JLL executive director Tan Hong Boon.
JLL as the marketing agent said in a press statement on Wednesday (Dec 15) that the en bloc tender closed last week with “good interest”, given the lowered reserve price for this second exercise. There were 3 formal submissions received at the close of the tender.
The property was first put on the market in January 2021 with a guide price of S$62.5 million. It was relaunched in October 2021 with a reduced price tag of S$53.8 million.
The buyer Hillcrest invests in properties with the potential for redevelopment. Singapore-based RGE Pte Ltd produces natural fibres, edible oils, green packaging and natural gas.