HEETON Holdings, KSH Holdings, TEE International, and Zap Piling have teamed up to buy the freehold MacPherson Green site via a collective sale for $105 million, the four companies said in a release.
The price is a tad lower than the property owners' previously reported asking price of $115 million.
Heeton will own 40 per cent of this project, while KSH, TEE International, and Zap Piling will take up stakes of 25 per cent, 20 per cent, and 15 per cent respectively.
The 66,932 square foot land parcel, located on MacPherson Road in District 13, has a 2.1 plot ratio, which allows the new development to be built up to 24 storeys.
'Based on the maximum gross floor area of about 140,557 sq ft, the purchase price of the site works out to about $750 psf per plot ratio, including development charge,' the consortium said.
The site has the potential to be redeveloped into 200 apartments with an average size of about 800 square feet each. The new project on the site could also become a 'landmark' in a vicinity of low-rise buildings, the developers said.
'We are excited about the prospects of this new site, as MacPherson is a choice area that is well connected by expressways and major MRT routes,' said Danny Low, Heeton chief operating officer and executive director. 'The site is large enough to give us the flexibility of offering a good variety of apartment types, and should appeal to a larger group of potential buyers.'
Heeton added that the acquisition of MacPherson Green is in line with its effort to strengthen its position in the mid to high-end residential property market.
The group is also planning to launch its new project at a prime site along Killiney Road.
Choo Chee Onn, executive chairman and managing director of KSH Holdings, said that Heeton and TEE International are experts in their respective fields of property development and M&E engineering. Zap Piling, with its expertise in foundation and civil engineering work, will have much to contribute to this project, he added.