Lotus at Jervois sold en bloc, The Tapestry previews, Perennial Real Estate buys stake in The Capitol

By EdgeProp Singapore / EdgeProp | March 17, 2018 8:00 AM SGT
Property highlights of the week from March 12 to March 16:
1) Lotus at Jervois sold en bloc for $46.3 mil
The freehold, 20-unit Lotus @ Jervois along Jervois Road was sold en bloc for $46.3 million ($1,683 psf per plot ratio) on March 5. According to an INLIS search, the serviced apartment was owned by Pulau Properties, which is believed to be linked to entities controlled by the Lee family of OCBC. EdgeProp understands that the buyer is likely to redevelop the property.
Elsewhere, the 34-unit freehold Minbu Villa, located off Balestier Road, has been put up for collective sale, with a reserve price of 145.8 million ($1,355 psf per plot ratio). It has a 38,426 sq ft site area and a 2.8 plot ratio, which means an allowable gross floor area (GFA) of 107,593 sq ft for the new project. The redevelopment can have 142 units of 753 sq ft on average.
2) CDL previews The Tapestry at Tampines
City Developments Limited held the preview for the 861-unit, 99-year leasehold The Tapestry in Tampines, over the weekend of March 10 and 11. The project will be launched on March 24.
The project comprises seven 15-storey blocks. Facilities include a 100m infinity pool, a sunken tennis court, a childcare centre and a pets’ pavilion.
Prices at The Tapestry start from $596,000 for a 441 sq ft, one-bedroom unit, and from $2.1 million for a 1,765 sq ft, five-bedroom, dual-key unit with study. Four-bedroom, four-bedroom dual key and five-bedroom, dual-key-with-study units will feature private lifts.
3) Perennial Real Estate buys Pontiac Land’s stake in The Capitol
Singapore real estate and healthcare company Perennial Real Estate Holdings is acquiring joint venture partner and real estate company Pontiac Land’s stake in The Capitol for $129.6 million.
As part of the sale and purchase agreement, Perennial will pay back with interest a $369 million loan that Pontiac Land made to entities holding The Capitol. Perennial will also make ancillary payments of $3 million to Pontiac Land’s hospitality entity Patina Hotels and Resorts.
The Capitol is a mixed-use development at Stamford Road in Singapore’s civic and cultural district. It includes a residential component, the 39-unit Eden Residences Capitol, the 157-unit boutique hotel The Patina, Capitol Singapore, luxury retail component Capitol Piazza and the Capitol Theatre.