Developer acquires more land in Cairnhill, eyes bigger redevelopment site

Singapore-listed Low Keng Huat previously signed a collective sales agreement to buy Cairnhill Mansions along Cairnhill Road in District 9 for $362 million. (Photo: CBRE)

Glopeak Development, a unit of Singapore-listed property developer Low Keng Huat, has agreed to purchase several pieces of freehold residential land adjacent to the Cairnhill Mansions en bloc site for $100 million, according to an SGX filing on Thursday (7 June).

With a combined land area of about 19,800 sq ft, the plots consist of 67 Cairnhill Road on lot 838W along with lots 836C and 844T. All three are part of Town Subdivision 27 and have a gross plot ratio of 2.8. The seller was not named.

More: Cairnhill Mansions, Riviera Point Sold En Bloc

The developer had previously signed a collective sales agreement in February to buy Cairnhill Mansions along Cairnhill Road in District 9 for $362 million ($2,311 psf per plot ratio).

While more than 80 percent of owners at Cairnhill Mansions have consented to the en bloc sale, Low Keng Huat said it has yet to receive the order approving the transaction from the Strata Titles Board.

If all necessary approvals are obtained, it plans to combine all four sites and build a high-rise condominium with about 200 units. If not, the developer may construct a high-rise condo with about 55 apartments on the three plots.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

This post was originally posted on Property Guru Property Market News Section