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News Release

Singapore

Rare Opportunity to Acquire Prime Freehold Residential & Commercial Redevelopment Site


Collective Sale by Tender closing on 21 March (Wednesday) 2012 at 3pm

SINGAPORE, 13 February 2012 - Sole Marketing Agent Jones Lang LaSalle is presenting for collective sale by tender, a prime freehold residential and commercial redevelopment site known as Tai Keng Court.

Tai Keng Court is located along 2 to 32, 2A to 32A, 2B to 32B Jalan Lokam (even only) and 296 – 310, 296A – 310A, 296B – 310B and 296C – 310C Upper Paya Lebar (even only). The freehold site, of 103,798 sq ft is zoned ‘Commerical & Residential” with a gross plot ratio of 1.4, with an allowable building height of up to 5 stories. An adjoining state land of 463.4 sq m could potentially be amalgamated yielding a potential gross floor area of up to 152,301 sq ft for the combined site, subject to the relevant authorities’ approval. Some 121 residential units of average size of 950 sq ft and 30 commercial units of average size of 700 sq ft could potentially be built on site. Tai Keng Court has prime frontage along Upper Paya Lebar Road and consists of 56 strata apartments and 23 commercial units located in two 3/4  storey walk up blocks. Over 80% of the owners have consented to the sale.

The site is located near Bartley MRT Station, Serangoon MRT and Interchange Station, NEX Mega Mall and Kovan Heartland Mall. In addition, reputable schools such as Paya Lebar Methodist Girls’ School, Maris Stella High Primary School, Maris Stella High School, St. Gabriel’s Secondary School, Cedar Primary and Cedar Girls Secondary School, Stamford American International School and Australian International School are located nearby.

Ms Quek Soh Hoon, National Director and Head of Commercial, Investments at Jones Lang LaSalle comments, “The Site is conveniently located within an established residential area. The commercial component enables the successful bidder to incorporate retail amenities as well as food & beverage outlets in the new development. Such integrated developments are well received as evident in recent launches such as The Hillier, Watertown @ Punggol and Bedok Residences.”

The indicative price is in the region of $130 million (or about $903 psf ppr), subject to the tender process. Approximately $1.325 million is payable for development charge. The tender will close at 3pm on 21 March (Wednesday) 2012.

 

 

 

About Jones Lang LaSalle


Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.7 billion of assets under management.
Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 22,000 employees operating in 78 offices in 14 countries across the region. The firm was named the Best Property Consultancy in Asia Pacific at 'The Asia Pacific Property Awards 2011 in association with Bloomberg Television'. For further information, please visit our website, www.joneslanglasalle.com.sg,
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