Niche property developer Hiap Hoe and its joint venture partner SuperBowl have bought The Aspine condominium on Balmoral Road for S$138 million. The purchase price works out to about S$1,870 per square foot of gross floor area.
The Aspine is a freehold development, comprising a five-storey block with 35 units.
The site, now occupying a 46,104-square foot land parcel, has a plot ratio of 1.6.
The Balmoral area is attractive due to its close proximity to highly popular schools and Orchard Road.
Hiap Hoe said it believes there is still good upside for re-developed properties in this vicinity.
The property developer will take up a 60 percent stake in this acquisition, while SuperBowl Holdings will take up the remaining 40 percent. - CNA/ms
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