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Hongkong Land unit scoops up Singapore resi site for S$765.8M

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Hongkong Land unit scoops up Singapore resi site for S$765.8M

Hongkong Land Holdings Ltd. subsidiary MCL Land acquired the Eunosville site in Singapore through a collective sale for about S$765.8 million, The (Singapore) Business Times reported.

The deal translates to S$909 per square foot per plot ratio, including roughly S$194 million payable to the state to top up the site's lease to 99 years from a balance term of about 70 years, among other purposes, according to the June 1 report.

The 376,713-square-foot site is zoned for residential use and holds 330 units, including 255 maisonettes and 75 apartments.

A redevelopment could deliver about 1,399 units with an average size of 70 square meters, the report said, citing marketing agent OrangeTee. It added that following completion of the transaction, each owner is set to receive a gross sale sum of about S$2.25 million to S$2.41 million.

As of May 31, US$1 was equivalent to S$1.38.