A consortium including Heeton Holdings, KSH Holdings and TEE International has entered into a private agreement to buy Camay Court at Lorong M, Telok Kurau Road for S$30.5 million.
“Camay Court sits on the quaint and serene part of Telok Kurau, mere minutes away from the Siglap park connector. It is also within close proximity to popular schools and East Coast Park,” said Choo Chee Onn, Executive Chairman and Managing Director of KSH Holdings.
“We believe that with careful consideration put into the design and development of this project, we will be able to unlock the value of this land and fully realise its potential,” he said.
The deal comes a day after the same parties, along with Zap Piling, announced the successful tender for MacPherson Green.
“We think that this latest acquisition offers good value and excellent re-development potential, considering its favourable location and host of amenities nearby,” said Danny Low, COO and Executive Director of Heeton.
The freehold land parcel situated in prime District 15 has a site area of about 31,930 sq ft and a plot ratio of 1.4, which could generate a gross floor area (GFA) of approximately 44,702 sq ft.
The acquisition price of the site works out to around S$687 psf ppr, including a development charge (DC).
Heeton will own a 36 percent stake, while KSH and TEE International will each hold 32 percent of the project.
C. K. Phua, Group Chief Executive and Managing Director of TEE International, noted, “We have established a strong working relationship with Heeton and KSH. All the partners here believe that there is still much latent value and potential within certain niche development sites, such as in Singapore’s eastern region. We will continue to leverage on our individual strengths and expertise to once again deliver a well-designed residential project that will spur market interest."