Source : TODAY, Thursday, November 22, 2007
FIVE residential developments near Thomson Road/Novena Square have been sold in a joint en bloc sale for $120 million. The sale was managed by Credo Real Estate and the buyer is Kim Seng Heng Realty, a subsidiary of KSH Holdings.
Norfolk Court, Mergui Lodge, Northern Mansion, Mergui Court and The Mergui have land areas ranging from 10,061 sq ft to 18,524 sq ft.
“After combining them with some remnant land parcels, the developer could build on an aggregate land area of 87,092 sq ft,” said Credo Real Estate’s executive director Yong Chong Wah.
Credo’s managing director Karamjit Singh told Today that the new buyer intends to develop a condominium on the site.
The $120 million selling price reflects $580 per sq ft per plot ratio before factoring in the state land. Depending on the state land that may be amalgamated, the effective rate could come down to $540 psf ppr.
In light of cautious market sentiments due to sub-prime woes, Mr Singh said the sale was a “good deal for both buyer and seller”.
The freehold site is near amenities such as the Pek Kio Market and Food Centre, KK Women’s and Children’s Hospital and a short distance to United Square and Novena Square malls.
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