Hoi Hup set to buy Whitley Heights for S$159m in collective sale

Hoi Hup Realty has won the tender to buy Whitley Heights for S$159 million in a collective sale.

The selling price for the 45-unit condominium development is lower than the initial reserve price of between S$185 million and S$210 million in January, and the revised reserve price of S$165 million in June.

Credo Real Estate, which is marketing the 130,165-sq-ft property, said it “could be the third-largest collective sale deal out of some 72 recorded deals concluded over the last 20 months”, pending the required approval of the Strata Titles Board.

The selling price of S$159 million works out to S$1,222 psf over the land area, said Credo Real Estate managing director Karamjit Singh

The site that Whitley Heights sits on is zoned as “two-storey mixed landed” under the 2008 Master Plan.

The break-even price is estimated at S$3 million per strata terraced unit. This suggests an average selling price of between S$3.6 million and S$3.7 million per unit.

Mr Singh said that, based on the URA’s prevailing guidelines for strata landed developments, Hoi Hup could build up to 80 strata terrace houses or about 60 strata semi-detached houses, subject to approval.

If the sale of Whitley Heights is approved, each of the owners can expect to receive gross proceeds of between S$3.3 million and S$3.8 million, Mr Singh said.

Source : Today –  2 Sep 2011

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