Forgot your password?
or

Don't have an account? Create An Account

For agents interested in participating on SRX, please contact us at +65 6635 3388 or write to us at feedback@srx.com.sg

ON TRACK

Achieve the life you want, in the home you love
Property News12 Jan 2018

SingHaiyi snags Clementi site for $841m

It is third time lucky for owners of Park West.

ParkWest

Developer SingHaiyi Group has snagged the residential site in Clementi for $840.9 million amid the ongoing enbloc sale fever.

Park West is located at Jalan Lempeng, near Clementi MRT station.

It is being acquired by Sing-Haiyi Gold, a 50-50 joint venture between SingHaiyi's wholly owned subsidiary SingHaiyi Land and Haiyi Wealth, an entity controlled by Gordon Tang and Celine Tang, SingHaiyi said in a statement late today (Jan 11).

The husband and wife duo are also controlling shareholders and directors of SingHaiyi through Haiyi Holdings.

Park West is a 99-year-leasehold estate occupying a land area of about 633,644 square feet, with a plot ratio of 2.1. Its lease commenced on March 8, 1982.

Marketing agent Huttons Asia said the site can yield about 1.33 million sq ft of gross floor area upon redevelopment.

At $840.9 million plus an estimated $290.6 million in differential premium and lease upgrading premium, the price tag works out to a land cost of $850 per sqft per plot ratio.

Huttons Asia said the successful transaction is the third attempt at a collective sale by the property owners.

Mr Terence Lian, head of investment sales, Huttons Asia, said the regular shape plot of land offers good redevelopment opportunity given its strategic location. The land is near the One-North R&D Park and Singapore's second Central Business District at Jurong Lake.

"We expect there to be strong demand for the new project judging from the high popularity of nearby projects such as The Trilinq and The Clement Canopy," Mr Lian said.

The buyer intends to apply to the Singapore Land Authority for the grant of a fresh 99-year lease for the property, and to lift certain title restrictions.

SingHaiyi said the latest acquisition gives it access to a land site within an established residential area, and allows the firm to expand its development portfolio in Singapore.

The deal comes as the property developer in December moved to raise some $143 million for property investments through a rights issue.

It proposed a renounceable non-underwritten rights issue of up to about 1.44 billion new shares at 10 cents each, to be issued on the basis of one rights share for every two existing shares.

Majority shareholder Haiyi Holdings, which has a 56.17 per cent stake in SingHaiyi, has committed to subscribe for not only its pro-rata entitlement of 806 million rights shares, but also to mop up any rights shares that are not taken up.





Like this article? Share it.
mySG Home
Your Digital Home
Track Your Home. Discover Your Wealth
MY PROPERTY
CONCIERGE
The free, personalized advice, advocacy, and guidance for buying or renting property in Singapore
ON TRACK
Property News 18 July
Heftier stamp duty a big setback for property sector: Redas chief

The imposition of heftier Additional Buyer's Stamp Duty on developers is "a big setback for the property market in Singapore", Real Estate Developers' Association of Singapore (Redas) president Augustine Tan said yesterday.

Referring to the Government's recent cooling measures, which included tightened Loan-To-Value (LTV) ratios, he said the changes have raised the cost of home ownership and cooled demand from investors and foreigners, while possibly eroding the confidence of developers, investors and buyers.

Property News 17 July
Private home sales slump adds to property gloom

These are testing times for property watchers given a sales dive last month, a likely spike this month as buyers rushed to beat the cooling measures, and hints of a slump as wary home-seekers weigh their options.

Last month's severe drop in transactions will draw the most attention: Developers sold just 654 private homes, 41.7 per cent lower than in May and 20.2 per cent below the same month last year.

Property News 16 July
New private home sales in June fall over 40% from May, down 20% year on year

SINGAPORE - Subdued sales in new residential launches in the month of June resulted in over 40 per cent fewer homes being sold by developers than a month ago.

Buyers took up 654 new private residential units in June, 41.7 per cent lower than a month ago and 20.2 per cent less than a year ago, according to according to preliminary data from the Urban Redevelopment Authority (URA) on Monday.

Property News 13 July
MacPherson freehold shophouses launched for sale
Commercial real estate services and investment company CBRE has launched the sale of four freehold shophouses in MacPherson Road, with would-be buyers invited to express interest.
The four properties comprise an intermediate two-storey shophouse, two adjoining two-storey shophouses and a corner two-storey shophouse.

Contact Us

Hello Singapore! I'm Sevi. Ask me any property question.
Chat with Sevi
Sevi - AI Bot
Replies in seconds
Need to speak to someone? 6635-3388
Sevi
I'm Sevi, your personal assistant.

You can ask me basic property questions about transactions, listings, project info and X-value.

Some Examples:

1. Where is Gem Residences located?
2. Are there listings in Hillview Regency for 3 bedrooms and budget of $1.5m?
3. For how much can I sell my property?
4. What are the latest transactions in Bayshore Park?
5. Is it cheaper to buy HDB in Tampines or Jurong East?
6. What is the plot ratio for The Sail?
7. How many blocks are there in Ang Mo Kio Ave 3?

Type RESET or HELP whenever you need.