Owner ZACD Investments lists 10,506 sq ft Alexandra Road penthouse at $4.2m, double what was paid
The company which built an illegal storey inside its penthouse unit at The Alexcier in Alexandra Road has demolished the floor and put the unit up for sale.
The owner is asking a cool $4.2 million for the unit, which has 16 years of lease left. Industry sources say the asking price, at $400 per sq ft (psf), is double what the owner paid. The first caveat at The Alexcier was recorded on Oct 2, 2006 as a new sale by the developer at $212 psf.
An online sale listing showed a photo of the vacant penthouse unit with a strata size of 10,506 sq ft, including a rooftop terrace of more than 4,000 sq ft. The advertisement also said the property was last valued at $4.3 million by DBS Bank in March.
The unit is owned by real estate investment firm ZACD Investments, and marketed by property consultancy firm SLP international – both co-founded by Mr Stanley Yeo and his wife Kain Sim.
The Straits Times first reported about the hidden floor at The Alexcier in March.
In what is the first known case of its kind here, the supposed eight-storey light industrial building was found to have a hidden ninth floor, spanning more than 5,000 sq ft.
The Straits Times understands at least two parties were involved in constructing the illegal floor.
When contacted, the owner of one of the firms declined comment. Mr Yeo could not be reached for comment.
In March, the authorities – acting on a tip-off – inspected the building, and the owner of the penthouse unit was subsequently ordered to demolish and stop occupying the illegal floor by early April.
In a joint reply to queries from The Straits Times, the Urban Redevelopment Authority (URA), Building and Construction Authority and Singapore Civil Defence Force (SCDF) said: “Agencies are jointly investigating the case, even though the unauthorised floor has since been demolished.
“Various parties are being investigated for their roles in commissioning, procuring and carrying out the unauthorised works. It is inappropriate to share further details at this juncture. Agencies will take stern action against culpable parties after investigations are completed.”
The illicitly constructed floor means the owners had dodged paying a development charge of more than $1 million to the URA had the additional floor been approved.
In an earlier interview with The Sunday Times, Mr Yeo admitted building the extra space above the eighth floor and said it was a racking system for storage purposes.
A video of SCDF officers inspecting the unit, however, showed the ninth floor was constructed like an enclosed floor, with interior fittings.
Mr Yeo’s former employees, who spoke on condition of anonymity, said the ninth floor was built more than eight years ago.
A passcode was needed to access a hidden staircase from the pantry on the eighth floor to get to it.
One of them said the ninth floor was like an apartment with living and working spaces. There were beds and also a washing machine.
A former member of the building’s management council said that council members used to hold meetings on the eighth floor, and that no one knew there was a ninth floor.
The last time The Alexcier passed an inspection was in September last year.
The engineer who inspected the supposed eight-storey building also did not know there was a ninth floor.
“Source:[Industrial building with hidden storey: Illegal floor demolished, unit for sale at $4.2m] © Singapore Press Holdings Limited. Permission required for reproduction”
