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The District 15 site currently houses a three-storey development that features 10 terrace homes and a bungalow that was completed 25 years ago. Image: Google Maps

Freehold Residential Site On Haig Road Sold For $32.8mil

Casuarina Feature has marketed a 25,054 sq ft estate land at the Haig Road/Haig Lane corner to a consortium that consists of entities linked to Terence Tough guy of Nobel Layout, Patrick Kho of Lian Huat Team along with David Ong and Von Lee, both of 2E Resources for $32.8 million, reported The Business Times (BT).

The District 15 site currently houses a three-storey development that features 10 terrace residences and a cottage. Completed 25 years ago, the growth underwent some upgrade jobs around one decade ago.

The majority of the landed houses are tenanted, with the leases ending at different durations, as much as very early 2022.

Located contrary to Tanjong Katong High school, the site is additionally near two primary schools, particularly Tanjong Katong Primary School and Haig Girls’ School.

BT noted that the website– which is zoned for residential usage under the 2019 Master Plan with a gross story proportion of 1.4– can be redeveloped into a low-rise apartment job of up to five storeys. It can feature up to 32 property devices, with sizes averaging 100 sq m.

Including a development cost (DC) of around $264,602, the $32.8 million rate works out to a land rate of $943 per sq ft per plot ratio (psf ppr).

This might also go reduced to $924 psf ppr (inclusive of $1.86 million DC), ought to the programmer tap the 7% reward gross floor location for terraces similar to Parc Central Residences Floor Plan.

Lee of 2E Resources, that additionally works as Expand Construction’s Handling Director, has shared strategies to release the recommended domestic task by Q4 2021, said BT

Casuarina Feature is managed by the Lee Structure in addition to participants of the Lee family.

JLL, which marketed the site via an expression of rate of interest workout that closed on 15 October, declined to comment on the sale, added BT.

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