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Tiong Seng, Ocean Sky snag Cairnhill Heights for S$73m, below initial asking price
A JOINT venture between Tiong Seng Holdings and Ocean Sky International, both Singapore-listed companies, has agreed to buy the Cairnhill Heights condominium for S$72.6 million, less than the sellers' initial asking price of more than S$80 million.
Their joint venture TSky Development bought Sloane Court Hotel and a small, adjoining parcel in Balmoral Road last year for S$80.5 million. It is developing a 12-storey, 80-unit condominium on the land.
Cairnhill Heights, a freehold District 9 site which sits next to the prime Orchard Road retail belt, occupies about 1,431.4 square metres with a gross plot ratio of 2.8. It may be redeveloped into a residential development of about 42 units based on an average size of 95 sq m.
Owners of the condominium had agreed in December 2017 to put the project up for collective sale, and had asked for more than S$80 million at that time.
Tiong Seng holds a 60 per cent stake in TSky Development while Ocean Sky holds the remaining 40 per cent.