Peak Court at Thomson Road sold en bloc for $118.88m

11 May 2018
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Peak Court at Thomson Road sold en bloc for $118.88m

Joint venture between Tuan Sing Holdings and Rich Capital wins tender for freehold site

SINGAPORE, 11 May 2018 – Edmund Tie & Company (ET&Co), the sole marketing agent for Peak Court, is pleased to announce that freehold Peak Court has been sold for $118.88m via collective sale to a joint venture between Tuan Sing Holdings and Rich Capital. The sale price of $118.88m reflects a land rate of $1,558 per square foot per plot ratio (psf ppr).

The subject property has a land area of approximately 5,330.6 square metres (sq m) (approximately 57,378 square feet [sq ft]) and is zoned for residential use at Gross Plot Ratio of 1.4 under the URA Master Plan 2014. The site is ideal for redevelopment into an upscale resort-like boutique condominium project with about 106 units. It also overlooks a two-storey landed enclave, which provides unobstructed panoramic views of the surrounding area.

Peak Court enjoys a strategic central location within District 11 yet is nestled away in a serene part of Thomson Road. With the Novena MRT station a short distance away, the property also enjoys excellent connectivity to other parts of Singapore via major roads and expressways such as the main Thomson Road, Balestier Road and the Pan Island Expressway (PIE).

The CBD and Orchard Road shopping belt is just a short drive away, while prominent educational institutions such as Anglo-Chinese School (Primary), CHIJ Primary (Toa Payoh) and St Joseph’s Institution Junior are located within a kilometre. A wide selection of amenities and lifestyle options are available at the nearby Novena Square, Square 2, United Square, Zhongshan Mall and the vibrant Balestier precinct.

CEO of Tuan Sing Holdings William Liem commented: “We are happy with the team’s success in clinching the site in this competitive bidding environment. This acquisition is in line with Tuan Sing’s focus on offering quality homes in central locations and is a good addition to our land bank. The site’s strategic location and proximity to lifestyle and premium medical facilities such as Thomson Medical Centre, the future Health City Novena, Novena Square, United Square and the excellent transport connectivity, opens up various exciting redevelopment opportunities. I see great potential for this site to be redeveloped into an attractive space covering all ages for urban living.”

“We are happy that all the owners are united in the collective sale and with 100 per cent owners’ consent, we have therefore achieved a good result,” said Hamish Macalister, chairman of Peak Court’s collective sale committee (CSC).

Norman Ho from Rajah & Tann Singapore, the acting solicitor for the collective sale of Peak Court said: “The bids we saw for this property were competitive. The owners of Peak Court were very decisive and we are glad the buyers were also equally forthcoming.”

Senior director for investment advisory Tan Chun Ming commented: “After coming on board in January, we have done our best to extract the best value for the owners and to give certainty to potential purchasers. Peak Court is ideally oriented with north-south facing with excellent views. Furthermore, the 1km proximity to Anglo-Chinese School (Primary), CHIJ Primary (Toa Payoh) and St Joseph’s Institution Junior would be a great attraction for future purchasers and investors.”

ET&Co is also handling the collective sale of Casa Meyfort, a prime freehold site along Meyer Road, with tender closing on Monday, 21 May 2018 at 3pm.

 

ENDS

For further information, please contact:

Vanessa Lim
Manager, Corporate Communications
+65 6393 2369
This email address is being protected from spambots. You need JavaScript enabled to view it.

 

About Edmund Tie & Company

Edmund Tie & Company (ET&Co) is a full-service, real estate consulting firm with more than 500 skilled professionals in the region. It is headquartered in Singapore and supported by offices in Kuala Lumpur, Malaysia, and Bangkok, Thailand. ET&Co offers a comprehensive suite of agency and professional services including investment advisory, commercial and retail, residential agency, auction and sales, valuation advisory, statutory valuation and property tax advisory, research and consulting, property management, and hospitality management. For more information, please visit www.etcsea.com

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