[UPDATE] Macly, Roxy-Pacific and LWH to buy Institution Hill sites for $33.6 mil
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - Privately held property developer Macly Group and public-listed property firm Roxy-Pacific Holdings have formed a consortium with local construction firm LWH Holdings to acquire two residential plots at 10A and 10B Institution Hill, for $33.6 million. Macly will hold 48% stake in the joint venture company, Mequity Hills Pte Ltd, while Roxy-Pacific will take up 42% stake, and LWH, the remaining 10%.
The two 999-year leasehold sites on Institution Hill are located just off River Valley Road in prime District 9. They belong to a family. When combined, the sites have a land area of 8,761 sq ft, with a plot ratio of 2.8. The site can be developed into a new residential project with a total gross floor area (GFA) of 24,530 sq ft.
The consortium partners plan to exercise a separate option to purchase the neighbouring site at 11 Institution Hill (apartment block, right) and will amalgamate the three sites for redevelopment. (Picture: Cushman & Wakefield)
Mequity Hills intends to amalgamate the two sites at 10A and 10B with the neighbouring 999-year leasehold site at 11 Institution Hill, which is an apartment block named Institution Ville, which is owned by the corporate entity of another family.
When amalgamated, the site will have an estimated total land area of 14,300 sq ft with a total GFA of 40,040 sq ft. The site can be developed into a new residential project with more than 50 units.
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The sale of the two sites at 10A and 10B Institution Hill was brokered by Cushman & Wakefield who was the marketing agency for the sites, which were offered for sale by expressions of interest. According to Christina Sim, Cushman & Wakefield director of capital markets, interest was keen for the two neighbouring sites at Institution Hill as many developers are looking to land bank sites to develop and sell.
“Interest in districts 9, 10 and 11 and those residential plots on the fringe of the CBD are especially popular due to the scarcity of supply of small to mid-sized plots,” says Sim. Recent transacted prices for new freehold projects in the vicinity, such as 8 St Thomas, The Avenir and RV Altitude have averaged between $2,700 psf and $3,000 psf, she notes.
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