News: Three-storey building sold for $18mil in this year’s first collective sale

Mar 2, 2021

Three adjoining three-storey residential buildings at 2, 4 and 6 Mount Emily Road have been sold en bloc for $18 million to ZACD International, making the transaction this year’s first collective sale. Photo: Edmund Tie

Located near Mount Emily Park, the freehold properties occupies a total site area of 515.5 sq m (5,549 sq ft) and comes with an existing gross floor area of 1,499.3 sq m (16,138 sq ft). Zoned for residential use under the 2019 URA Master Plan, the property has a plot ratio of 2.1.

It is located at the fringe of the city centre, with the Little India MRT interchange a mere 200 m away. The property is also within close proximity to Orchard Road and the Central Business District.

Swee Shou Fern, Executive Director of Investment Advisory at Edmund Tie & Company, revealed that the $18 million price works out to a land rate of $1,115 per sq ft per plot ratio, with no development charge payable due to the property’s high development baseline.

“The tender attracted very keen interest from developers and investors due to its prime location and bite-sized quantum. The 100% owners’ consent also provided the developer certainty in deal completion timeline,” she added.

ZACD Group Chairman Kain Sim said the acquisition is in line with the company’s “focus in acquiring properties with value added potential in prime locations”.

“I see a great potential to develop this property into a unique offering for urban living.”

ZACD Group is an integrated asset manager listed in Hong Kong and headquartered in Singapore.

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Mya Luu
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