Located close to the Hillview MRT station, the site is expected to yield 100 residential units.
Tuan Sing Holdings plans to develop 100 homes on a 43,557 sq ft freehold site in the Hillview area that it is in the process of acquiring for $47.8 million in cash, the company said in an SGX filing on Wednesday (12 April).
Episcia Land, a wholly-owned subsidiary of Tuan Sing, exercised an option to buy the vacant plot at 1 Jalan Remaja from warehouse operator Andermatt Investments.
Zoned for residential use, the land parcel has a plot ratio of 1.92. Subject to Episcia’s payment of the development charge, the site could potentially yield about 100 residential units, given its maximum permissible gross floor area of 83,630 sq ft.
Located within proximity to the Hillview MRT station, the site is also close to the Rail Mall, HillV2 and the upcoming Hillview Community Club, which is expected to contain F&B outlets, enrichment classes and recreational facilities.
Including the option fee, Tuan Sing has already made a down payment of $4.78 million for the site, which represents 10 percent of the total consideration for the land.
Financed by internal and external resources, the transaction is expected to be completed 12 weeks after the signing of the option on 12 April, subject to Episcia paying the remaining 90 percent balance. The subsidiary may also choose to complete the deal at an earlier date.
The acquisition is not expected to have any material impact on the net tangible assets or earnings per share of the group for the current financial year ending 31 December 2017.