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

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.
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...