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Peak Court sold en bloc for S$118.88 million
FRI, MAY 11, 2018 – 8:41 PM
PEAK Court (now known as Peak Residence), a freehold residential site at Thomson Road, has been sold by way of a collective sale for S$118.88 million to Rich Capital Holdings and Tuan Sing Holdings.
Rich Capital will hold a 30 per cent stake while Tuan Sing will hold the remaining 70 per cent. The acquisition will be conducted through a joint-venture company, TSRC Novena.
Peak Court, a 35-year-old development comprising a four-storey block with a total of 20 maisonette units, occupies 57,378 sq ft of land. Based on the gross plot ratio of 1.4, the purchase price of the site works out to about S$1,558 per sq ft per plot ratio.
In a press statement on Friday, the buyers said the site can be redeveloped into 106 units of one, two and three-bedroom apartments overlooking a two-storey landed enclave.
“This acquisition marks our maiden foray into the Singapore residential property sector and our first en bloc purchase, as we seek to establish our new identity as a property developer,” said Kelvin Soong, executive director of Rich Capital, which was formerly known as Infinio Group.
“The Thomson area is sought after for its proximity to highly popular schools, Orchard Road and the central business district and we believe that there is good upside for redeveloped properties in this vicinity.”
The acquisition and redevelopment of the project is expected to be funded through a combination of internal resources and bank borrowings.
About Tuan Sing Holdings
Tuan Sing Holdings Limited is a fast-growing, diversified regional investment holding company with interests mainly in property development, property investment and hotel ownership.
Our diverse business portfolio spans five countries. We have land banks in Singapore, China and Indonesia as well as manufacturing plants and retail outlets in China, Singapore and Malaysia, underscoring our reputation for delivering high-quality and iconic developments.
We develop properties for sale, invest in existing properties and real estate projects, and provide property management services in Singapore, Australia, Indonesia and China. The Group is now embarking on regional development opportunities in Sanya, China, and Batam, Indonesia.
Our SGX-listed subsidiary SP Corporation engages mainly in commodities trading activities. Meanwhile, Hypak Sdn Bhd, is a manufacturer of polypropylene packaging bags & radiant barrier films in Malaysia.
Through our wholly-owned subsidiary Grand Hotel Group, we are the owner of two five-star hotels in Australia (Melbourne & Perth), both of which are managed by Hyatt International.
Other investments include stakes in printed circuit board manufacturer & trader Gul Technologies Singapore Pte Ltd as well as Pan-West (Private Limited), a retailer of golf-related products.
RICH CAPITAL AND TUAN SING ACQUIRE PEAK COURT FOR $118.88M
Successful tender heralds Rich Capital’s maiden venture into Singapore’s premium residential property market
Singapore, 11 May 2018 – SGX-listed Rich Capital Holdings Limited (元豪控股有限公司; formerly known as Infinio Group Limited) and Tuan Sing Holdings Limited have teamed up to acquire Peak Court, a freehold residential site at Thomson Road for S$118.88 million by way of a collective sale tender. Rich Capital will hold a 30% stake while Tuan Sing will hold the remaining 70%. The acquisition will be conducted through a joint-venture company, TSRC Novena Pte Ltd.
Peak Court, a 35-year-old development comprising a 4-storey block with a total of 20 maisonette units, presently occupies the 57,378-sq-ft land area. Based on the gross plot ratio of 1.4, the purchase price of the site works out to about $1,558 psf per plot ratio. The site can be redeveloped into 106 of one, two and three-bedroom apartments units overlooking a two- storey landed enclave. The acquisition and redevelopment of the project is expected to be funded through a combination of internal resources, bank borrowings and future equity fund raising, as the case may be.
Mr Kelvin Soong, Executive Director of Rich Capital, said, “This acquisition marks our maiden foray into the Singapore residential property sector and our first en bloc purchase, as we seek to establish our new identity as a property developer. The Thomson area is sought after for its proximity to highly popular schools, Orchard Road and the Central Business District and we believe that there is good upside for redeveloped properties in this vicinity.”
Located within the prime District 11 at the city fringe, Peak Court Condominium is well-served by major transport arteries such as the Pan-Island Expressway, Central Expressway, Thomson Road and Balestier Road. The site is also a stone’s throw from lifestyle amenities such as Thomson Medical Centre, the future Health City Novena, Novena Square and United Square; as well as educational institutions including Anglo-Chinese (Primary), CHIJ Primary (Toa Payoh) and St Joseph’s Institution Junior. Sitting on elevated grounds, the site offers unobstructed views across the Thomson precinct.
This is Rich Capital’s third proposed property transaction since it received shareholders’ approval for business diversification on 28 March 2018. The Group had earlier announced its proposed acquisition of an 8,900-sq-ft freehold industrial plot at 6 Kim Chuan Terrace, and second proposed acquisition of an 80% interest in Oxley Batam, a subsidiary of Oxley Holdings Limited which is involved in the construction, development and management of an integrated development in the heart of Batam’s financial district.
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