Serangoon Ville sold en bloc at $499 mil

By
,
Zhiqin Lin
/ The Edge Property
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July 26, 2017 8:58 PM SGT
Oxley Serangoon, a consortium led by Oxley Holdings, is acquiring the former HUDC estate Serangoon Ville en bloc, at $499 million. This works out to $835 psf ppr, including an estimated differential premium of $195 million. The tender exercise for the land parcel, which has 66 years remaining on its lease, closed on July 25.
Serangoon Ville was privatized in 2014. It sits on a 296,913 sq ft land parcel with a plot ratio of 2.8. The current development comprises 244 apartments and maisonettes across 7 residential blocks.
Each unit is set to receive $2 million upon completion of the sale, according to ERA, the marketing agent for the collective sale.
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Oxley Serangoon’s shareholders are the Oxley Holdings (40%), Unique Invesco (20%), Lian Beng (Serangoon) (20%) and Apricot Capital (20%). KSH Holdings’ wholly-owned subsidiary company Kim Seng Heng Realty owns a 37.5% stake in Unique Invesco. Apricot Capital is owned by Super Group's Teo family.