No.3 Cuscaden Walk was sold to a consortium led by Sustained Land for $103.8 million. Source: CBRE and JLL
Three prime residential buildings near Orchard Road have been sold to different developers for a total of $190.5 million, marketing agents CBRE and JLL said on Thursday (24 November).
The freehold properties at No.3 Cuscaden Walk, No.120 Grange Road and No.8 Hullet Road were launched for sale in October with a guide price of $185 million. The tenders closed earlier this month.
PropertyGuru understands that the owners were looking to sell the three buildings individually or as one lot.
The 21,560 sq ft site at No.3 Cuscaden Walk was sold to SL Capital (2), a consortium led by Sustained Land, for $103.8 million. This works out to a land rate of about $1,826 psf per plot ratio on the potential gross floor area, including an estimated development charge of $6.43 million payable upon redevelopment.
No.120 Grange Road was sold to a subsidiary of Roxy-Pacific Holdings for $48.5 million, or $1,841 psf on the existing strata area. The 18-unit property sits on 15,780 sq ft of land and has a total strata area of 26,350 sq ft.
Meanwhile, a consortium led by Patrick Kho of Lian Huat Group bought the site at No.8 Hullet Road for $38.2 million, which translates to $2,073 psf on the existing strata area. With a land area of 10,733 sq ft, it is the smallest of the three properties. Built in the early 2000s, it comprises 18 apartments with a total strata area of 18,428 sq ft.
Jeremy Lake, Executive Director, Investment Properties at CBRE Singapore, said: “Sentiment towards the prime residential market has improved since the middle of the year, and some developers have been asking if there are sites for sale. These three sites are very well located, which combined with their palatable deal sizes, resulted in a very competitive bidding process.”
“These properties attracted interest from a wide variety of parties, including long-term investors and those looking to build serviced apartments, aside from developers. The results reflect an underlying confidence in the stability of the high-end residential market, which prior to this year, saw a steady decline in values over the preceding four years,” said Karamjit Singh, International Director and Head of Residential at JLL.
In addition, the owners have also engaged JLL to market two apartments at The Claymore by private treaty. The sizes of the apartments are 2,680 sq ft and 3,348 sq ft, respectively.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
