Swiss Club sells 3 plots of land at JLL auction

Swiss Club sells 3 plots of land at JLL auction

Also snapped up: a duplex penthouse at Seascape in Sentosa Cove and a single storey house at Daffodil Drive

THE Swiss Club has sold three vacant plots of land zoned for residential use in the Bukit Tinggi/Jalan Kampong Chantek vicinity for a total of S$15.222 million.

The land parcels were sold at JLL's auction on Tuesday. The buyer is a Singaporean, said Mok Sze Sze, JLL Singapore auction head.

Market watchers note that two of the plots are long strips near the road, with only the third plot, which is also the biggest with a land area of 25,861 sq ft, viable for housing development. This plot, which has freehold tenure, is flanked by Jalan Kampong Chantek and Bukit Tinggi Road.

This land parcel is close to a 7,457 sq ft strip of land with 999-year leasehold tenure and running parallel to Bukit Tinggi Road and Swiss View.

The other strip of land, with a freehold land area of 4,030 sq ft, runs parallel to Swiss Club Link. It is next to a big freehold Good Class Bungalow property with a land area of more than 120,000 sq ft belonging to the Kwee family of Pontiac Land Group.

Also at JLL's auction, a duplex penthouse at the Seascape condominium development in Sentosa Cove was sold at S$6.35 million, or S$1,497 psf, on the strata area of 4,241 sq ft.

This was a mortgagee sale and the unit has four bedrooms and comes with a private lap pool. At an auction last year, JLL sold a slightly smaller duplex unit of 4,133 sq ft, which also has a private pool, for S$5.8 million or S$1,403 psf. However, the condition of the duplex sold at this week's auction is said to be much better. Seascape is on a site with a balance lease of about 90 years.

A third property sold at JLL's auction was a single storey detached house at Daffodil Drive in the Upper Thomson are. It fetched S$4.35 million. The freehold house has three bedrooms and was an estate sale.

Separately, there have been a few transactions in the Good Class Bungalow segment lately. Along Bishopsgate, a two-storey freehold bungalow with a basement has sold for S$26.8 million, or S$1,778 psf, on a land area of 15,069.46 sq ft. It has six bedrooms and a swimming pool. A couple is understod to have sold the property to a recently-minted Singapore citizen. Newsman Realty brokered the transaction.

Along Margoliouth Road, a GCB has changed hands at S$17.8 million, or S$1,399 psf, on land area.

On Sentosa Cove, a detached house at Lakeshore View - not along the prime stretch facing the golf course and lake - has transacted at S$11 million, or S$1,418 psf, on land area of about 7,760 sq ft.

The bungalow is on a site with 89 years' balance lease.

Finally, a bulk sale for the remaining 10 bungalows on Pearl Island, also on Sentosa Cove, has been completed.

Singapore-incorporated SRIF Pte Ltd, which is fully owned by Leslie Lim and Vincent Ong, the co-founders of Evia Real Estate, has bought the entire equity of Ximeng Land (S) Pte Ltd, which developed the 19-villa project, from a Liu family from Beijing.

The deal is said to have valued the 10 remaining villas at about S$125 million. Ximeng Land developed the Pearl Island villas on a site with a 99-year leasehold tenure starting March 2008. The project was completed in 2012.

The company is owned by the majority shareholders of Ximeng Asset Holdings Co, the parent company of Beijing Ximeng Real Estate Co, a developer of luxury building projects in Beijing, Yantai and Jinan, according to a December 2007 news release announcing the award of Pearl Island to Ximeng Land. A company search showed that Ximeng Land's shareholders are Chinese citizens Liu Yangang, Liu Yanguo and Liu Yanqiang.

This article was first published on October 27, 2016.
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