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Low Keng Huat acquires 67 Cairnhill Road and 2 adjacent plots for S$100m
SINGAPORE-LISTED property developer Low Keng Huat on Thursday said its subsidiary Glopeak Development has entered into an agreement for the purchase of 67 Cairnhill Road and two adjacent plots - lots 836C and 844T of Town Subdivision 27 - for S$100 million.
The freehold site has a land area of 1,839.5 square metres or 19,800 square feet, is zoned for residential use under the Urban Redevelopment Authority's 2014 Master Plan and has an allowable gross plot ratio of 2.8 times.
The site is also situated adjacent to Cairnhill Mansion at 69 Cairnhill Road, for which Low Keng Huat inked a S$362 million deal for an en bloc purchase in February 2018.
Glopeak was nominated on March 12 to complete the acquisition of Cairnhill Mansion, which included receiving consent from all owners for obtaining the sale order. However, at present, the sale order approving the collective sale of Cairnhill Mansion with the Strata Titles Board has yet to be obtained.
In a filing with the Singapore Exchange, Low Keng Huat said if the sale order for Cairnhill Mansion is approved, it intends to redevelop the site and the Cairnhill Mansion plot into a high-rise residential condominium that is expected to yield approximately 200 residential units.
If the sale order is not approved, Low Keng Huat may proceed instead to develop the property into a high-rise residential condominium that could yield around 55 residential units.
Low Keng Huat shares last traded on June 6 at S$0.665.