Hoi Hup & Sunway Buy 2 Thiam Siew Ave Land Parcels At $815M

Thiam Siew Ave Land Parcels Price:

Thiam Siew Ave land parcels have been bought by Hoi Hup Realty and Sunway, a Malaysian conglomerate. Specifically, there are two freehold Thiam Siew Ave land parcels purchased for $815 million in District 15 at the close of a public tender on 18.11.2021. It is one of the largest residential development sites sold since July 2018, says the broker of the deal, Savills Singapore.

credit: onemap

According to property records, this is the most money ever paid for residential development land since a Government Land Sales parcel on Silat Avenue sold for $1.035 billion in May 2018. The transaction, which came about as a result of a closed tender exercise on Thursday, involves 22 plots spread across the two land parcels. 10 semi-detached houses and 5 bungalows occupy the land at Thiam Siew Avenue which is between Hiag Road and Tanjong Katong.

Thiam Siew Ave MRT Stations & Schools:

In addition to Paya Lebar and Dakota MRT stations, Tham Siew Avenue is near Haig Girls’,Kong Hwa and Tanjong Katong primary schools.

Thiam Siew Ave Redevelopment:

The area is set to be developed into a new private residential development with a gross development value of $2 billion – the area’s projected value after redevelopment.

It will be a two-building condominium complex with over 800 units, according to chairman and managing director Wong Swee Chun of Hoi Hup Realty. An estimated $284 million additional development charge to the sale price of $815 million brings the land price to approximately $1,488 per square foot per plot ratio (psf ppr). ERA Realty’s head of research and consulting, Nicholas Mak, said units could be priced between $2,400 and $2,630 per square foot. Earlier in the year, Sunway purchased the freehold Flynn Park site in Pasir Panjang for $371 million. In Singapore, the firm has launched 999-year leasehold Ki Residences in Sunset Way, Clementi and executive condominium Parc Central Residences.

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Source: https://www.straitstimes.com/business/property/hoi-hup-sunway-acquire-freehold-land-in-district-15-for-815m-in-largest