Tee Land, a boutique developer, announced on 28 June that it had entered into an option-to-purchase agreement to acquire the freehold interest in a plot of land located at 338 to 364 Upper East Coast Road, Singapore with a land area of approximately 3,928.8 square metre. The purchase consideration for the land on which Teck Guan Ville condo now sits, is S$60,000,000 and negotiated on a willing-buyer-willing-seller basis.
The sellers are independent and unrelated third parties. Tee Land said the plan is to build residential development on the East Coast Road land. The Proposed Acquisition is subject to due diligence and is expected to be completed by November 2018.
The developer said that the proposed acquisition will be financed by internal funds and bank borrowings, and is not expected to have any material impact on the Group’s net tangible assets or earnings per share for the financial year ending 31 May 2019.
It further declared that none of its Directors or controlling shareholders of the Company has any direct or indirect interests in the above transaction save for their respective shareholdings in the Company.
Teck Guan Ville at Upper East Coast Road is a freehold condominium in district 16. It is near Bedok and Tanah Merah MRT Station. Completed in 1987, it is located near several facilities like major shopping centres, supermarkets, eating establishments, banks and other entertainment facilities.
Within the vicinity there are prestigious schools such as, Chai Chee Secondary School, Temasek Junior College and Temasek Primary School; as well as amenities like Holy Grace Presbyterian Church and New Upper Changi Road Market.
The acquisition of the land at Upper East Coast Road comes at a time when home sales jumped to the highest in nine months highlighting property market recovery in Singapore.
According to data released by the Urban Redevelopment Authority (URA) on Monday, there was a deluge of new launches in May, which saw 1,121 private home sales. This is an increase of 53.1 per cent from April and 7.9 per cent from the same month last year.
Home sales for May was only bested by the sales in August last year which saw 1,246 new private homes being sold. The data from URA suggested that suburban projects were most popular with home buyers, with 834 units being launched and 792 homes sold.
Properties in east of Singapore have especially seen much action in the past few months. The 139-unit Amber45 at Amber Road launched 100 units, of which 86 were sold at a median price of $2,378 psf. Sixteen35 Residences in Geylang released 60 units, with 45 units taken up at a median price of $1,511 psf. And Sea Pavilion Residences on Upper East Coast Road put up 24 units for sale, with 14 finding buyers at a median price of $1,852 psf.
The local property market experienced a four-year slump after the Government introduced several cooling measures to curb the overheated real estate scene. URA reported that property prices rose 3.9 per cent in the first quarter of this year. This is the biggest gain in almost 8 years.
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