KUALA LUMPUR: SP Setia Bhd has won the bid to buy the popular Toh Tuck Road site in Singapore for S$265 million (RM836 million).
The site will be home to SP Setia’s third development in Singapore, the property developer said in a statement today.
“We are pleased to be awarded the tender of this site by the Urban Redevelopment Authority (of Singapore),” said SP Setia president and chief executive officer Datuk Khor Chap Jen.
“Singapore is one of our key overseas market and we will continue to strengthen and grow our brand presence here.
SP Setia’s successful bid represents S$939 per square feet of gross floor area (GFA) for a site area of 1.87 hectares and a plot ratio of 1.4.
The site will be transformed to a five-storey condominium with total GFA of 26,210 sqm worth S$457 million in gross development value.
Buyers can look forward to its launch in 2018, Khor said.
The new condominium will be home to 327 luxurious apartments enjoying choice amenities and within short walking distance to Beauty World MRT station.
SP Setia forayed into Singapore in 2012 with 18 Woodsville, a freehold condominium located next to Potong Pasir MRT station.
It subsequently launched Eco Sanctuary, a 483 units condominium along Chestnut Avenue that enjoy lush views of the island’s central catchment nature reserve.
“Both projects had been successfully launched and completed. We are confident that this new development will be an attractive proposition for home buyers and investors alike.” Khor said.