On Aug 28, Tiong Seng Holdings and Ocean Sky International announced that their 60-40 joint venture company, TSky Development, entered into an agreement on Aug 25 to buy Sloane Court Hotel at 17 Balmoral Rd, as well as Lot 99899P of Town Subdivision 26. The agreement is conditional upon the approval of the shareholders of the vendors of the sites.

The total purchase consideration for both sites is $80.5 million, with both sites located in District 10 with a combined area of approximately 38,943 sq ft. They are zoned ‘Residential’ with a gross plot ratio of 1.6. According to Nicholas Mak, executive director of ZACD Group, the price translates into $1,616 psf per plot ratio, including an estimated development charge of $20.2 million.

With the average price of nearby residential developments – like Goodwood Grand at an average price of $2,432 psf, Hallmark Residences at $1,628 psf, One Balmoral at $2,201 psf, and Three Balmoral at $ 2,196 psf – Mak reckons the new condo on the Sloane Court Hotel site could potentially be launched at above $2,500 psf after late-2018.