Singapore-listed SingHaiyi Group will acquire a land parcel in the San Francisco Bay area for US$24.4 million, with plans to build a high-end community for seniors.
The 5TM development (pictured) will have a gross development value of around US$600 million. Located in the prestigious Candlestick Point neighbourhood, the waterfront land is valued at US$35 million.
The site includes a partially occupied office building yielding rental income of about US$1 million a year. SingHaiyi intends to demolish the building and develop a 528-unit Continuing Care Retirement Community (CCRC) for elderly residents.
The units are expected to be priced around US$3,500 to US$7,500 monthly.
The state-of-the-art CCRC will have fully-equipped healthcare facilities supported by trained professionals. There will also be recreational amenities and wellness and fitness centres, among others.
Neil Bush, SingHaiyi’s Non-Executive Chairman, said, "There is a bourgeoning need for such senior residents’ communities in San Francisco, where the population is aging. We are seeking approval for the CCRC development from city authorities, and they have been very supportive."
5TM is the third U.S. project by SingHaiyi, which acquired Tri-County Mall and Vietnam Town in 2013.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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