Two buyers acquired the Peak Court freehold condominium estate located at Singapore's Thomson Road for approximately S$118.9 million in a collective sale, The (Singapore) Business Times reported.
Rich Capital Holdings Ltd. and Tuan Sing Holdings Ltd., both local companies, purchased the housing site through their joint venture vehicle TRSC Novena, with the former partner holding a 30% interest and the latter taking a 70% stake in Peak Court. The partners' acquisition price translated into a per square foot per plot ratio price of roughly S$1,558, taking into account a gross plot ratio of 1.4.
The four-story Peak Court condominium comprises 20 maisonettes sitting atop a 57,378-square-foot plot, the May 11 report added, additionally citing a statement from the buyers that noted the plot has the potential to be regenerated into 106 up-to-three-room apartments overlooking a double-story landed enclave.
Rich Capital and Tuan Sing intend to finance their en bloc buy with internal resources and bank loans, according to the report.
As of May 11, US$1 was equivalent to S$1.34.