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Tai Wah Building sold en bloc for $84.89 million
TAI Wah Building at Killiney Road has found a buyer. Lucrum Capital, a private equity investment firm focused on real estate mainly in the Asia-Pacific, has placed a bid of about S$84.89 million for the mixed-use development.
The price translates to about S$2,209 per square foot per plot ratio (psf ppr). Lucrum Capital plans to redevelop the property into a serviced apartment with commercial use on the first storey.
Completed in the mid-1980s, Tai Wah Building is a four-storey building comprising two shops and six apartments. It sits on a freehold plot with a land area of about 13,148 sq ft, and is zoned for "residential with commercial at first storey" under the Master Plan 2014.
Subject to authorities' approval, the site can be redeveloped up to its existing gross floor area of about 39,809 sq ft, exceeding the permissible plot ratio of 2.8 as indicated in the 2014 Master Plan.
Edmund Tie & Company was the sole marketing agent for the building. It has submitted an application to include serviced apartment with commercial use on the first storey, which has received in principle approval.