Consortium to acquire MacPherson Green site for S$105m

A consortium of four companies have agreed to jointly acquire the MacPherson Green site for S$105 million, through a collective sale tender.

They include niche property developer Heeton Holdings, together with KSH Holdings, TEE International and Zap Piling.

Heeton will own 40 per cent of the project, while KSH will take up 25 per cent, TEE International will hold 20 per cent and Zap Piling will take the remaining 15 per cent.

The freehold land parcel has a site area of almost 67 thousand square feet and a plot ratio of approximately 2.1.

This means the new development can be built up to 24 storeys and become a landmark in a vicinity of low-rise buildings in District 13.

In a joint statement, the firms said the purchase price of the site works out to about S$750 per square foot per plot ratio, including the development charge.

Located minutes away from MacPherson MRT Station, the site has the potential to be re-developed into 200 apartments with an average size of about 800 square feet each.

Heeton said the acquisition is in line with its effort to strengthen its position in the mid to high-end residential property market.

The group is also planning to launch its new project situated at a prime site along Killiney Road soon.

Source : Channel NewsAsia – 10 Mar 2011

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