Two residential sites at Mount Vernon Road and Jalan Lempeng have been sold separately for a total of S$796.1 million.
The first parcel, located at Mount Vernon Road, was sold to a consortium comprising Intrepid Investments Pte Ltd, Sunmaster Holdings Pte Ltd and TID Residential Pte Ltd, after offering the highest bid of S$388.106 million in a public tender that closed on 10 January.
The 99-year leasehold site has a total area of 20,810.9 sq m and a maximum permissible gross floor area (GFA) of 72,839 sq m. It is situated adjacent to Bartley MRT station and flanked by Bartley Secondary School and the Gurkha Contingent barracks.
Li Hiaw Ho, Executive Director at CBRE Research, said the site could generate a housing development of “20 storeys comprising some 800 units.”
Meanwhile, the second site was sold to Multi Wealth (Singapore) Ltd, a wholly-owned subsidiary of Malaysia’s IOI Properties, for S$408 million.
Located at Jalan Lempeng, the condo site has a total area of 18,019.4 sq m, with a maximum gross floor area (GFA) of 54,058.2 sq m and a gross plot ratio of 3.0. It was launched for tender on 29 November 2011, and Multi Wealth bested other bidders after offering the highest tender price for the site.
Chia Siew Chuin, Director of Research & Advisory at Colliers International, said interest for the 99-year site stems from its location, which is a stone’s throw away from Clementi MRT station, a bus interchange and tertiary educational institutions such as the National University of Singapore, Singapore Polytechnic and the upcoming School of Science & Technology Singapore.
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