Far East Consortium close to selling 21 Anderson to Kheng Leong Group

HONGKONG-LISTED Far East Consortium International Limited is close to selling 21 Anderson, a 10-storey completed freehold block of 34 apartments in Singapore's prime district 10.

BT understands the price is about S$213 million and that the buyer is Singapore-based Kheng Leong Group.

Far East Consortium, controlled by the Chiu family, bought 21 Anderson in 2018 for S$196 million from Blackstone, which in turn purchased it from Arch Capital in 2014 for about S$164 million, based on past media reports.

The 34 apartments in the development comprise three and four-bedroom units with a total strata area of 85,552 sq ft; the units are substantially leased.

Market watchers reckon Kheng Leong could hold the asset for rental income in the mid-term or it could sell the units individually, cashing in on the current positive sentiment in the luxe housing market in Singapore. Or it could redevelop the property, although the redevelopment potential for the slightly over 49,000 sq ft site is said to have been maximised.

Under the Urban Redevelopment Authority's Master Plan, the site is zoned for residential use with 1.6 plot ratio (ratio of maximum gross floor area to land area).