For $32.8 million, Casuarina Properties sold a 25,054-square-foot freehold parcel on the intersection of Haig Road and Haig Lane to a partnership that included companies connected to Nobel Design’s Terence Goon, Lian Huat Group’s Patrick Kho, and 2E Capital’s David Ong and Von Lee.
There is presently a three-story building on the District 15 site that has a total of 10 terrace residences and a cottage on it. The development was completed more than two decades ago, although some renovations were made around ten years ago.
The leases on the majority of the landed homes expire in the early part of 2022, thus most are now tenanted.
Tanjong Katong Secondary School is just across the street, and two elementary schools, Haig Girls’ School and Tanjong Katong Primary School, are all within walking distance.
The new site Royal Hallmark Condo will build a five-story low-rise apartment complex on the site, which is designated for residential use under the 2019 Master Plan. The plot ratio is 1.4. It has the potential to house up to 32 residences, each measuring an average of 100 square meters.
The $32.8 million price tag includes a development fee (DC) of about $264,602, translating to a land rate per plot ratio of $943 per square foot (psf ppr).
If the developer utilizes the 7% additional gross floor space for balconies, the price may drop as low as $924 psf ppr (with $1.86 million DC).
Expand Construction’s Managing Director, Lee of 2E Capital, has revealed intentions to begin construction on the planned residential property in the fourth quarter of 2021.
The Lee Foundation and members of the Lee family own and operate Casuarina Properties.