Nanak Mansions to be sold for $201 mil
By Angela Teo
/ EdgeProp |
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Updated, Oct 4, 2017, 3:06 p.m., to change Kheng Leng Company as written in the article to Kheng Leong Company.
UOL Group announced on Sept 28 in an SGX filing that the $201.08 million bid made by its 50%-owned associated company – Secure Venture Development (No. 1) – for Nanak Mansions has been accepted. The tender exercise for Nanak Mansions closed on Sept 26.
The purchase consideration of $201.08 million works out to be about $1,429 psf per plot ratio, inclusive of development charges, according to marketing agent JLL.
Secure Venture Development (No. 1), which was incorporated on Sept 25, is 50% owned by UOL Venture Investments, a subsidiary of UOL Group, and 50% owned by Kheng Leong Company.
Source: JLL
Located at Meyer Road, the low-rise Nanak Mansions was put up for sale by tender in mid-September. The existing development, which comprises of 36 units measuring from 2,551 sq ft to 3,584 sq ft, was completed in the 1980s.
Under the 2014 Master Plan, the 109,629 sq ft Nanak Mansions site is zoned for residential use with a plot ratio of 1.4. The site is located within walking distance of Tanjong Katong MRT station on the future Thomson-East Coast Line.
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