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Listed construction and real estate group, Soilbuild, has won the tender for the collective sale of the 89-unit residential development off Balestier Road, Kemaman Point, with a bid of $143.88 million.
Marketing agent for the collective sale of Kemanan Point, Knight Frank, said that each owner stands to receive a gross sale price of about $1.4 million to $2.32 million on a successful sale to Soilbuild. The sale of the property is subject to several conditions, including an order of the sale by the Strata Titles Board or the High Court.
The sale price to redevelop the site to a gross plot ratio (GPR) of 2.8 based on the maximum permissible gross floor area (GFA) of about 122,711 sq ft, translates to a land price of about $1,173 per sq ft per plot ratio (psf ppr), Knight Frank said.
Soilbuild Group Holdings Ltd (Soilbuild) is a leading integrated property group with a successful track record of constructing, developing and managing an award-winning portfolio of residential and business space properties.
Soilbuild has developed a range of residential properties from high-end luxury condominiums to townhouses and conservation terraces including Villa Martia, Mutiara Crest, Mandale Heights, Mill Point, Grosvenor View, Pinnacle 16, Cliften, One Tree Hill Residence, Espa, The Centrio, Leonie Parc View, Fernhill Cottage, Heritage 9 and Meier Suites. Our award winning developments, The Mezzo and Montebleu, have demonstrated the Group’s focus on providing superior quality homes.
By harnessing its construction capabilities and extensive network of specialized contractors, Soilbuild has also expanded its construction arm under Soilbuild Construction Group Ltd to provide design and build solution services, turnkey projects as well as project management consultancy for both private and public entities. Since 2013, Soilbuild Construction has been listed on the Singapore Exchange. This gives the Group greater visibility and a funding platform to expand its construction capabilities and reach overseas market.
Over the years, Soilbuild has also built up capabilities in its Lease Management, Asset Management and Fund Management teams, culminating in the listing of Soilbuild Business Space REIT in the Singapore Exchange in August 2013.