Three families jointly sell Telok Kurau bungalows for S$37.89m.
THREE unrelated families are selling their adjacent bungalows along Lorong H Telok Kurau in District 15 to a developer for S$37.89 million.
The three single-storey bungalows have a combined freehold land area of 24,050 sq ft.
Inclusive of development charge payable to the state, the land rate works out to S$1,132 per square foot per plot ratio (psf ppr) and to a lower S$1,086 psf ppr inclusive of the 10 per cent bonus balcony space.
Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned for residential use with 1.4 plot ratio. The site may be redeveloped into a five-storey apartment project with up to 31 units based on a minimum average unit size of 100 sq m stipulated by URA for 1.4 plot ratio residential sites within the Telok Kurau estate.
BT understands that the three bungalows are being bought by Quek Hock Seng Construction. This will be the privately-held construction group's maiden property development project.
JLL brokered the joint sale of the three bungalows through a tender exercise that closed on June 21. "We received three very competitive bids, and the site was awarded to the highest bidder," said JLL's regional director of capital markets, Tan Hong Boon. He declined to comment on the buyer.
The site is in an established and popular residential estate near Changi Road and East Coast Road (famous for their eateries), Parkway Parade and 112 Katong malls, and the East Coast Park beach. It is also within one km of the popular Saint Stephen's School.
Each of the three families will receive around S$12 million - about 40 per cent higher than what they could have obtained had they sold their homes separately.
Adapted from The Business Times, 14 July 2018.