Japura Development Pte. Ltd., a developer affiliated with Hong Kong billionaire Li Ka-shing's CK Asset Holdings Ltd., is the new owner of the 17-story City Towers freehold property along Singapore's Bukit Timah Road, The (Singapore) Business Times reported.
Japura outbid six other contenders, acquiring the site for S$401.9 million, or S$1,847 per square foot per plot ratio. The price also reflected a 13% premium over the estate owners' reserve price of S$355 million. The paper noted that Colliers International Group Inc., which marketed the prime District 10 property, announced the award of the freehold site Feb. 7 but did not name the buyer.
City Towers, which comprises 77 apartment and duplex units, a penthouse and a shop unit, sits atop a roughly 9,711-square-meter land plot. Colliers International launched the public bidding process for the collective sale of the property in January.
With a 2.1 gross plot ratio under the 2014 Master Plan, the site has the capacity to be expanded into a 219,516-square-foot development plot and be redeveloped into a 190-unit, 24-story apartment building.
According to the Feb. 23 report, Japura Development's purchase of the property marks the first time since 2014 that a company affiliated to Li's Cheung Kong group has acquired an asset in the Lion City. It also represents its first purchase in the collective sale market.
As of Feb. 22, US$1 was equivalent to S$1.32.