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Tee Land paying S$72m for Casa Contendere

Tee Land paying S$72m for Casa Contendere.

Tee Land is buying the freehold Casa Contendere at 35 Gilstead Road through a collective sale for S$72 million.

The price works out to S$1,638 per square foot per plot ratio (psf ppr) inclusive of an estimated development charge (DC) of S$15.1 million payable to the state.

The District 11 property has a land area of 37,972 sq ft.

The site is zoned for residential use and has a 1.4 plot ratio (ratio of maximum gross floor area or GFA to land area) under the Urban Redevelopment Authority's Master Plan 2014.

Casa Contendere is a four-storey block comprising 11 maisonette units. Owners will receive sums ranging from about S$5.9 million to S$7.5 million per unit. Keck Seng Group is understood to own six of the 11 units.

Tee Land said in a regulatory filing with the Singapore Exchange on Tuesday evening that it has entered into 11 option-to-purchase agreements to acquire the freehold interest of the 35 Gilstead Road plot.

"The plan is to build a block of residential apartments on the land. The proposed acquisition is subject to legal due diligence and is expected to be completed by end-February 2018," it added.

Casa Contendere's collective sale was sealed through a private treaty deal. As unanimous approval from the owners has been obtained, the deal will not be subject to approval by the Strata Titles Board.

The site can be redeveloped into an apartment project with about 70 units, with an average unit size of 753 sq ft GFA.

In September, Tee Land announced its purchase of a small strata development comprising six townhouses along Seraya Crescent off Upper Thomson Road through a collective sale at S$25.74 million.

The price for the 24,069 sq ft freehold site translates to about S$931 psf ppr inclusive of DC.

Adapted from: The Business Times, 8 November 2017