PEAK Court, 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.