Mar
6
CapitaLand looks set to acquire Gillman Heights condominium for $548 million. This is a record of sorts, eclipsing the previous en bloc sale record of $385 million paid by Frasers Centrepoint and Far East Organisation for Waterfront View opposite Bedok Reservoir.
The former-HUDC 607 unit development sits on an 836,432-sq-ft, 99-year leasehold site along Alexandra Road, just conveniently off Ayer Rajah Expressway. The offer equates to $363 per square foot per plot ratio, inclusive of a differential premium of $90 million to top up the lease to 99 years and to increase the plot ratio to 2.1.
CapitaLand has plans to redevelop the site into a 24-storey condominium with gardens and full condominium facilities, with an estimated 1,200 units, designed for families with children studying nearby, and professionals working in the nearby institutes.
While more than 80 per cent of owners have approved the sale, the transaction is still subject to approval by the Strata Title Board.
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