The two adjoining sites are located at 798 and 800 Upper Bukit Timah Road and have an area of 16,620 sq m (178,900 sq ft). Source: Google Maps
CDL Aries, a unit of City Developments Limited (CDL), has been granted a call option to acquire two adjoining sites at 798 and 800 Upper Bukit Timah Road for $126.3 million, reported Mingtiandi.
With an area of 16,620 sq m (178,900 sq ft), the property is being used by Tan Chong International as an auto service facility. It is zoned for residential use with a 2.1 plot ratio and an allowable building height of up to 24 storeys.
The set of properties is currently leased until 31 March 2022 and had a collective fair value of $95.9 million as of end-June.
CDL secured the rights to the property just a day before Canninghill Piers – its joint venture project with CapitaLand – registered $1.8 billion in sales during its weekend launch on 20 November.
“After launching Canninghill Piers last weekend, it is not surprising that CDL has started to look at replenishing their inventory,” PropNex Realty CEO Ismail Gafoor told Mingtiandi.
“This project will provide CDL with an opportunity to launch more residential units in the near future especially in the OCR (outside central region) region where there has been diminishing supply of new homes.”
Once the deal is closed, the property will allow CDL to expand its 23 million sq ft portfolio of commercial, residential and hospitality assets by 375,690 sq ft of new space.
Gafoor described the Bukit Timah area as a highly sought-after address by many investors and Singaporeans.
“The demand for homes in this area has always been robust due to its prestige, with a number of esteemed Good-Class Bungalow estates, high-end condominium developments as well as reputable schools being located in this area,” he said.
He added that it is an “up-and-coming area to look out for” given the various development plans introduced to improve connectivity as well as add more green spaces within the neighbourhood, such as the Railway Corridor development and the Beauty World rejuvenation plan.
Upper Bukit Timah is also home to schools, parks and commercial spaces, with the Tan Chong industrial park located just next to the Hazel Park condominium.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: [email protected].