Tag Archives: freehold

2 freehold landed projects off Upper Bukit Timah launching this Friday

Artist’s impression of Kismis Residences, the first new launch of 2018.  

Singapore-listed property developer Low Keng Huat is launching two new freehold landed housing projects this Friday (5 January) to kick off 2018, marketing agent ERA Realty Network revealed in a statement. 

ERA and OrangeTee & Tie are jointly marketing both Kismis Residences and the adjacent TRANQUILIA@Kismis. This is the largest landed development to be launched after a long while in Lorong Kismis and Eng Kong Park, which is located off Upper Bukit Timah.

Kismis Residences is a 31-unit project that comprises eight corner terrace houses and 23 intermediate terrace houses.

Each house features five levels of living space and is served by a private lift. The built-in areas are large, ranging between 4,700 to 5,500 sq ft and include five en-suite bedrooms and a car porch. 

The intermediate terrace houses are priced between $ 4.155 million to $ 4.464 million, while the corner terrace houses are priced from $ 5.003 million to $ 5.282 million.

Meanwhile, the strata-landed TRANQUILIA@Kismis development comprises seven units. The approximate strata areas range from 4,359 sq ft to 5,597 sq ft, with prices from $ 3.521 million to $ 4.255 million.

The two projects are located close to Beauty World MRT station on the Downtown Line, shops and eateries at Bukit Timah Plaza and Beauty World Plaza, as well as educational institutions such as Ngee Ann Polytechnic and the National University of Singapore.

“Over the soft launch period in December 2017, we managed to secure buyers for 50 percent of the units released for sale. For Kismis Residences, nine out of the 15 units found buyers; while for TRANQUILIA@Kismis, two out of the seven units found buyers; making it a total of 11 units sold out of the 22 units that were released,” said Eugene Lim, key executive officer at ERA Realty.

Lee Yoon Moi, chief operating officer at Low Keng Huat, added: “We are pleased with the results thus far. It shows the strong following amongst home buyers for landed homes within this established neighbourhood.”

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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Oxley Holdings acquires freehold property from interested person

Oxley Holdings, via its wholly-owned subsidiary Oxley Amethyst Pte Ltd, has exercised an option to acquire a property along Balestier Road for $ 38 million from Owen Private Limited.

With a land area of around 1,118.4 sq m, the freehold property is zoned residential with commercial on the first storey at a gross plot ratio of 3.0.

In an SGX filing, Oxley revealed that Owen’s shareholders – Ching Chiat Kwong, Low See Ching and Tee Wee Sien – are also Oxley’s executive chairman and CEO; deputy CEO and substantial shareholder, respectively.

It noted that the three hold 47.5 percent, 42.5 percent and 10 percent, respectively, of the issued share capital of Owen.

But while the acquisition is an interested person transaction, the approval of shareholders will not be needed since the purchase consideration is around 3.5 percent of the group’s latest audited net tangible assets as at 30 June 2017.

Oxley believes that the purchase will enable it “to undertake a larger development project of greater value by amalgamating the property” with No. 3 Tessensohn Road and an adjoining state land.

Separately, Oxley announced that it has taken a 25.5 percent stake in Australian firm Pindan Capital Mermaid Beach (PC Mermaid Beach).

This comes after Oxley Australia subscribed for 4.845 million fully paid ordinary shares in PC Mermaid Beach, which has an issued share capital of A$ 19 million (S$ 19.7 million).

The remaining share capital comprising 14.155 million ordinary shares is held by Pindan Capital Investments, a fully-owned subsidiary of Pindan Group, in which Oxley holds a 40 percent interest.

“PC Mermaid Beach has acquired a 1,417-square metre site in the centre of Broadbeach and Mermaid Beach on the Gold Coast, Australia and intends to undertake a high-rise residential development on the site, subject to obtaining all relevant regulatory approvals,” it said.

Oxley explained that the investment in PC Mermaid Beach is in line with the group’s expansion plans.

 

This article was edited by Keshia Faculin.

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Oxley buys freehold mixed-use site for $14.5m

A wholly-owned unit of Oxley Holdings has exercised an option to purchase a 462 sq m freehold site at Tessensohn Road for $ 14.5 million, revealed an SGX filing on Friday (3 November).

The vacant land zoned for residential with commercial at the ground floor is being acquired by Oxley Amethyst Pte Ltd from unrelated firm Urban Development Pte Ltd.

Previously, Oxley Amethyst paid $ 145,000 when the option was granted on 5 October and paid another $ 580,000 when it decided to proceed with the transaction.

The property is being sold with vacant possession, and the consideration’s remaining balance will be paid upon the deal’s completion within ten weeks from the of acceptance of the option.

Oxley said that the sale is conditional upon obtaining the approval (Qualifying Certificate) from the Land Dealings (Approval) Unit on or before the completion date.

The transaction will be funded by bank borrowings and internal resources, with the seller’s stamp duty to be shouldered by the buyer. The purchase price will also include the goods and services tax, if applicable.

Furthermore, the deal is not expected to have any material impact on the group’s earnings per share or net tangible assets per share for the current fiscal year ending 30 June 2018.

 

This article was edited by Keshia Faculin.

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