Thiam Siew Avenue Site enbloc by Sunway and Hoi Up for $815m

A tender for 22 plots across the two pieces of property concluded, after which a deal was struck. Thiam Siew Avenue, which is located between Haig Road and Tanjong Katong, is home to five bungalows and 10 pairs of semi-detached houses.

Two freehold property tracts in Singapore’s exclusive District 15 were purchased for $815 million Malaysian giant Sunway and local developer Hoi Hup Realty.

Savills Singapore, which negotiated the purchase, said that the properties are part of an extended residential construction site, which is the biggest sold since the July 2018 cooling measures.

In May 2018, a Government Property Sales plot in Silat Avenue sold for $1.035 billion, making it the highest price paid for residential construction land in a single transaction since then, according to sources.

 

Thiam Siew Avenue Location

Located only a few blocks between Dakota and Paya Lebar MRT stations and three primary schools, Thiam Siew Avenue is a great location for families.

According to Sunway’s announcement, they plan to convert the land into a new private residential complex with a gross development value of $2 billion.

 

Potential of the Site

An estimated $284 million in development costs adds out to nearly $1,488 per square foot per plot ratio for a total land price of $815 million. It would include two high-rise condos with more than 800 unit at Thiam Siew Residences, according to Hoi Hup chairman Wong Swee Chun.

Head of research and consultation at ERA Realty ERA Realty’s Mr. Nicholas Mak stated apartments might be offered between $2,400 to $2,630 a square foot between $2,400 and $2,630

In September, the company purchased the freehold Flynn Park property in Pasir Panjang for $371 million, making this its second large acquisition in Malaysia this year.

Parc Central Residences, an executive condominium in Tampines, and Ki Residences in Clementi are two of the company’s recently completed projects in Singapore.

 

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