SC Global buys site at Martin Rd for $17.8m
DEVELOPER SC Global, better known for its high-end residential projects, is paying $17.8 million for a Martin Road freehold property that can be redeveloped on a residential-cum-commercial basis.
Through its wholly owned subsidiary Kimmingston Pte Ltd, SC Global struck the deal with Hock Giap Company Pte Ltd for the 17,664 sq ft property at 38 Martin Road.
With an estimated development charge of $9.1 million and a gross plot ratio of 2.8, the cost works out to about $544 per sq ft per plot ratio.
An eight-storey warehouse building now sits on the site, with tenants. It has a zoning of residential, with commercial enterprises on the first floor.
SC Global owns a vacant freehold site next to it measuring 26,813 sq ft with a plot ratio of 2.8. It could combine that site with its newest acquisition, giving a land area of 44,477 sq ft.
That could be developed into a 15-storey residential and commercial development with a potential gross floor area of 124,536 sq ft.
Other residential developments near the site include CapitaLand’s 43-storey Rivergate and City Development’s The Pier at Robertson.
Kimmingston has put down 10 per cent of the purchase price for 38 Martin Road and is expected to pay the balance in 12 weeks. The acquisition is expected to be completed in April. Meanwhile, SC Global has called an EGM on Feb 15 for shareholders to vote on whether to allot and issue 5,754,000 placement shares to Mass Noble Ltd at an issue price of $1.35.
Source : Business Times - 27 Jan 2006
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