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News Release

Singapore

Naung Court Sold for $28,000,000

$662psf ppr for site near Hougang MRT


SINGAPORE, 20 September 2010 – Jones Lang LaSalle has completed the collective sale of a site in the Hougang area. Naung Court, at Jalan Naung was successfully sold to Orion-Two Residential Pte Ltd at $28,000,000. This works out to be approximately $662 psf ppr if DC is payable. To date, only one unit out of 20 units has yet to sign the Collective Sale Agreement.

The 32,689 sq ft site, zoned for ‘Residential’ use with a gross plot ratio of up to 1.4, can be built up to 5 storeys. This will yield a potential gross floor area of up to 45,764 sq ft, subject to approval and payment of development charge of approximately $2,300,000 and could potentially yield some 43 apartment units with an average size of 1,000 sq. ft. each.

Ms Stella Hoh, National Director and Head of Investments at Jones Lang LaSalle, comments “Despite the recent property measures announced we are encouraged by the strong interest in the site. Furthermore, the convenient location of the site appeals to developers and homebuyers alike and we believe that there will be interest from genuine buyers when the development is ready for sale.”

The existing subject site currently consists of a total of 20 apartment units with sizes ranging from 130 sq m to 155 sq m and is located within walking distance to Hougang Central, Hougang MRT Station, Hougang Mall, Hougang Plaza and Hougang Bus Interchange and enjoys close proximity to amenities and reputable schools.

Its accessibility is further enhanced by major arterial roads and expressways. The Central Expressway (CTE) and Kallang – Paya Lebar Expressway (KPE) provides easy accessibility to the rest of the island. Vehicular access to the development is via Jalan Naung, off Upper Serangoon Road.