OKP Holdings buys Phoenix Heights for $33.1 mil

By TImothy Tay / EdgeProp Singapore | August 22, 2018 1:49 AM SGT
Singapore-listed infrastructure and civil engineering company OKP Holdings announced that a 25% owned associated company, USB Holdings, has acquired the 32-unit Phoenix Heights en bloc for $33.1 million.
The apartment block is located at Phoenix Avenue, off Upper Bukit Timah Road and Bukit Batok Road as well as near the Bukit Panjang MRT station. Built in 1970, Phoenix Heights sits on a 42,753.5 sq ft site with a 99-year lease with effect from 1969. USB intends to apply for a fresh 99-year lease for the property which it intends to redevelop.
The site has a plot ratio of 1.4 and can be redeveloped into a new development with a maximum gross floor area of 59,585 sq ft. Based on the $33.1 million purchase price, the land rate translates to $556 psf per plot ratio. This is lower than the initial asking price of Phoenix Heights when it was first launched for tender on June 7, which was $36 million. The tender closed on July 10.
USB has already paid a tender deposit of $180,000. Another 10% of the purchase price which amounts to $3.13 million (less the tender deposit) will be paid within a fortnight from the date of acceptance of the offer.
Phoenix Heights in the second en bloc sale to go through since the property cooling measures were announced on July 5. The first was GuocoLand’s purchase of Casa Meyfort on Jul 10 for $319.88 million. The price is also lower at than the $340 million that the owners had asked for back in January, and was relaunched for sale in April.
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