Koh Bros, Heeton to buy Hilton Towers for about $79m: sources
Price works out to be about $880 psf of potential gross floor area
DEVELOPERS continue to snap up collective sale sites in prime districts.
Koh Brothers and Heeton are arranging a deal to buy the Hilton Towers site at Leonie Hill, at a price said to be about $79 million.
This works out to about $880 psf of potential gross floor area inclusive of an estimated development charge (DC) of about $3.9 million.
The 33,700 sq ft freehold site is zoned for residential use and has a 2.8 plot ratio (ratio of maximum potential gross floor area to land area).
Colliers International brokered the sale of the Hilton Towers site.
Koh Brothers and Heeton jointly developed and own Sun Plaza mall, next to Sembawang MRT Station.
Heeton is known for developing and operating wet markets and neighbourhood malls in the HDB heartlands, but it has also developed high-end residential projects like DLV and The Element @ Stevens - both in the Stevens Road area.
Koh Brothers’ core businesses include construction and property.
Hilton Towers’ sale price is likely to be used as a benchmark for another collective sale - Furama Tower at the nearby Leonie Hill Road - also being marketed by Colliers.
The indicative price for the 33,821 sq ft freehold Furama Tower site is $82 million, or $936 psf per plot ratio inclusive of a DC of about $6.6 million.
Meanwhile, over in the Serangoon area, United Premas and HSR have launched the collective sale of Mutual Court at Mar Thoma Road with a price expectation of about $23.3 million, which works out to about $275 psf per plot ratio including a DC of about $100,000.
The 30,331 sq ft, 999-year leasehold site is zoned for residential use with a 2.8 plot ratio and a 36 storey maximum height.
Based on the $23.3 million price tag, the owners of the 34 apartments at Mutual Court stand to reap a collective sale premium of more than 50 per cent.
Source : Business Times - 28 Apr 2006
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