This week in property: Highlights from Aug 20 to Aug 24

By EdgeProp Singapore / EdgeProp | August 24, 2018 5:00 PM SGT
Property highlights of the week from Aug 20 to Aug 24:
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.
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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The owners of eight townhouses along Kovan Road have put up their property, Cheng Hoe House, for collective sale at an asking price of $28 million. Cheng Hoe House comprises freehold townhouses at 10 Kovan Road, on a 22,485 sq ft plot.
The property is located in the Kovan residential estate, which is surrounded by predominantly landed and low-rise housing. It is a five-minute walk to Kovan MRT Station and under a ten-minute drive to Rosyth School and Paya Lebar Methodist Primary School.
Teakhwa Real Estate is marketing the property. It expects a selling price of about $1,800 to $1,850 psf for the new development.
A 999-year leasehold, two-storey conservation shophouse in the Telok Ayer conservation area is on the market for $17 million via expression of interest (EOI). The shophouse on 21 Boon Tat Street sits on a 1,759 sq ft site with a gross floor area (GFA) of about 3,874 sq ft, says marketing agent JLL. This translates to about $4,388 psf on the GFA.
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The property houses Michelin star restaurant, Cheek by Jowl, and has permanent F&B approvals for both floors. The Telok Ayer area has many F&B offerings and entertainment options.
Foreigners are eligible to purchase the property, and there is no additional buyer’s stamp duty or sellers stamp duty imposed on the purchase.
OrangeTee &Tie (OTT) has launched its Agent App, a “one-stop real estate digital ecosystem” for its property agents.
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This is in collaboration with its strategic partners, including EdgeProp and UOB, as well as its equity partner, Edmund Tie & Company (ET&Co).
The Agent App aims to “build alliances” so as to “enhance agents’ productivity”, according to Steven Tan, managing director at OTT. There are 10 key features in the app, including the “Listing Hub”, where agents can post listings to multiple portals at one go.