Thursday, August 30, 2012

2 Little India en bloc deals

Straits Times: Wed, Aug 29

TWO freehold properties within walking distance of each other in Little India have been sold en bloc.

Sam Leong Mansion, off Jalan Besar, has been acquired by KSH Holdings for $40.3 million.

The other plot, made up of two adjoining sites in Race Course Lane, was snapped up by Sysma Holdings for a combined sum of $22.8 million.

In the first deal, units of KSH Holdings, Tee International and Heeton Holdings, along with Futuris Holding and ZAP Piling, will jointly redevelop Sam Leong Mansion. The 12,362 sq ft site has a plot ratio of about 3.0 and is zoned for redevelopment into a commercial development.

Based on the maximum gross floor area of about 37,087 sq ft, the price works out to $1,086.84 psf per plot ratio (psf ppr).

KSH and Tee will each own 35 per cent of this project, while Heeton, Futuris and Zap will take up the remaining 15 per cent, 10 per cent and 5 per cent respectively.

At Race Course Lane, Sysma Holdings' subsidiary, Sysma Properties, has acquired options to Serangoon Mansion and adjoining site No. 23. The sites are a combined 7,641 sq ft. Under the 2008 Master Plan, both sites are designated as residential with commercial units on the ground floor.

With a gross plot ratio of 3.5, that can yield potential gross floor area of some 26,745 sq ft; the land cost translates to $853 psf ppr.

Sysma intends to redevelop the site. No development charge is expected to be payable.

Serangoon Mansion owners can expect to receive gross proceeds of about $2.1 million each, while the adjoining owner of No. 23 will receive $3.92 million.

As the owners were unanimous in putting their property up for sale, no application to Strata Titles Board is required.


Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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