Residential
Zhou family from Shanghai buys 60% of 139 Cecil Street
With a balance lease of 64 years, the Zhou family bought the 11-storey property at S$75 million for a 60 per cent stake in Ececil Pte Ltd. Ececil Pte Ltd owns 139 Cecil Street, and is a joint venture between Vibrant Group and DB2 Group. The Vibrant-DB2 joint venture continues to hold the remaining 40 per cent in Ececil. It acquired 100 per cent of Ececil in 2014 from Cheong Sim Lam in a deal that valued the office block at S$110 million.
(Source: Business Times)
MCC’s Tampines Condo likely priced at $900 to $1200 psf
Singapore-based Chinese developer MCC Land is opening its showflat, The Alps Residences this Saturday. The 99-year leasehold condominium project in Tampines will be priced in the range of S$900-1,200 per square foot (psf). MCC Land is also marketing the upcoming launch of Queens Peak at Dundee Road for HY Realty.
(Source: Business Times)
GCB in Lady Hill Road sold at S$24million
An old freehold house along Lady Hill Road in a prime GCB location changed hands for S$24 million. The price works out to S$1,423 psf based on the land area of 16,863 sq ft. the price seems low for a prime GCB location. The price may have been affected by the property’s age – it is said to be about 20 years old and the fact that the plot slides downwards towards the rear.
(Source: Business Times)
Commercial
2 Bukit Pasoh shophouses sold for S$25million
A pair of adjacent freehold shophouses at 11 and 13 Bukit Pasoh Road was sold for S$25 million. The buyer is understood to be the Leong family behind the famous homegrown Axe Brand medicated oil. The price works out to S$2,940 per square foot on the gross floor area (GFA) of 8,503 sq ft. The gross yield is about 1.5 per cent based on the existing rental income from the property.
(Source: Business Times)