Macly Group, a privately owned developer, and Roxy-Pacific Holdings, a publicly listed developer, have established a partnership with LWH Holdings to purchase two residential sites at 10A and 10B Institution Hill for $33.6 million. Roxy-Pacific Holdings also developed the Hill House located at 11 Institution Hill in District 09, Singapore. Macly will own 48 percent of the joint venture firm, Mequity Hills Pte Ltd, while Roxy-Pacific will own 42 percent and LWH will own the final ten percent.
Institution Hill’s two 999-year leasehold sites are only off River Valley Road in prime District 9. They are members of a family. The sites have a total land area of 8,761 square feet, with a plot ratio of 2.8. With a total gross floor area (GFA) of 24,530 square feet, the site can be converted into a new residential community.
The consortium partners will exercise to buy the adjacent site at 11 Institution Hill, and then combine the three sites for regeneration, as seen in the featured illustration.
Mequity Hills plans to combine the two sites at 10A and 10B with the nearby 999-year leasehold property at 11 Institution Hill, which is an apartment building called Institution Ville and is operated by another family’s corporate company.
The site when combined, would have a gross land area of 14,300 square feet and a total GFA of 40,040 square feet. A new residential project of more than 50 units may be built on the property.
Cushman & Wakefield, the selling agent for the sites, brokered the selling of the two sites at 10A and 10B Institution Hill, which were offered for sale through expressions of interest. According to Christina Sim, director of capital markets at Cushman & Wakefield, interest in the two adjacent Institution Hill sites was powerful, as many developers are looking to land bank sites to build and sell.
“Due to the shortage of small to mid-sized plots, interest in districts 9, 10, and 11 and those residential plots on the outskirts of the CBD is particularly popular,” says Sim. She points out that recent transacted prices for new freehold developments in the region, such as The Avenir, 8 St Thomas, and RV Altitude, have ranged from $2,700 to $3,000 per square foot.
Institutional Hill
Macly Group, a privately owned developer, and Roxy-Pacific Holdings, a publicly listed developer, have established a partnership with LWH Holdings to purchase two residential sites at 10A and 10B Institution Hill for $33.6 million. Macly will own 48 percent of the joint venture firm, Mequity Hills Pte Ltd, while Roxy-Pacific will own 42 percent and LWH will own the final ten percent.
Product SKU: Institutional Hill
Product Currency: SGD
Product Price: 33600000
Product In-Stock: InStock
