A landed housing redevelopment site (pictured) at East Coast Avenue was purchased for $46.38 million by property developer Pinnacle Assets, reported The Straits Times.
The company’s director, Leow Tang Lie, has been involved in projects like the Centra Loft condo in Geylang and the Adana@Thomson in Old Upper Thomson Road. He is also said to have developed an adjacent property in East Coast Avenue.
The 45,249 sq ft property was bought through an estate sale, with Knight Frank serving as the exclusive marketing agent.
The purchase price works out to around $1,025 psf on the land. But considering the distance that the freehold property needs to be set back for the road, the price effectively stands at around $1,200 psf.
Although the transacted price is way below its $52 million price tag, it is well above the valuation. It is understood that the site has received various bids from funds and developers since it was placed on the market in August.
Situated within a three-storey mixed landed area, the property is near the proposed Siglap and Marine Terrace MRT stations along the upcoming Thomson-East Coast Line.
It is also a few minutes’ drive from 112 Katong, East Coast Park and Parkway Parade Shopping Centre.
Nearby schools include Victoria Junior College, Victoria School, Global Indian International School, CHIJ Katong Convent and St Patrick’s School.
Knight Frank had previously said the property, which is zoned three-storey mixed landed, could be the biggest plot of freehold land within District 15 to be put up for sale in the last 20 years.
Image source: Knight Frank Singapore
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
