All Three Buildings Fetched A Total Price Of $190.5 Million
Three prime residential buildings near Orchard Road were sold to three different developers with a combined price tag of $190.5 million. The tender exercise was conducted by marketing agents JLL and CBRE. All three properties belonged to a group of investment holding companies. Here’s the breakdown of this public tender.
No. 3 Cuscaden Walk
No. 3 Cusacaden walk is a 12 storey block consisting of 11 units with sizes averaging 3627sqft. With an indicative land rate of $1900 psf per plot ratio(psf/ppr), it was expected to fetch over $100 million. SL Capital (2) Pte Ltd, a consortium led by Sustained Land Pte Ltd acquired the building for $103.8 million. The sale price puts the land rate at approximately $1826 psf/ppr. This psf/ppr takes into account the estimated development charge of $6.43 million. Sustained Land was incorporated in 2006 and their current projects in the market include 8m Residences.  Joint ventures include projects such as Sturdee Residences, The Poiz Residences and Tre Residences.
No. 120 Grange Road
No. 12 Grange Road is an 11-storey block consisting of 18 units with a total strata area of 26,350sqft. The indicative price was around $50 million which translates to about $1900 psf on the strata area. A subsidiary company of Roxy-Pacific Holdings Limited acquired the building for $48.5 million or $1841 psf on the strata area. Roxy-Pacific Holdings is a property and hospitality group with a track record that goes all the way back to 1967. Current projects in the market include Straits Mansions, Sunnyvale Residences and Whitehaven at Pasir Panjang.
No. 8 Hullet Road (Hullet Court)
No. 8 Hullet Road is a 10-storey block consisting of 18 units with a total strata area of 18,428 sqft. The indicative price was around $35 million which translates to about $1900 psf on the strata area. Hullet Development Pte Ltd, a consortium led by Patrick Kho of Lian Huat Group acquired the building for $38.2 million or $2073 psf on the strata area. Lian Huat Group started off with very humble beginnings in 1957 before becoming a property developer in 1965. It has since gone global with a presence in China and Australia. In Singapore, it has just recently completed Macpherson Mall, a hotel and commercial development at Macpherson Road.
Further details about the sale are available on CBRE’s website.
