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Low Keng Huat inks en bloc deal for Cairnhill Mansions
SINGAPORE-LISTED property developer Low Keng Huat has inked a deal for the en bloc purchase of Cairnhill Mansions for S$362 million.
The freehold development in prime district 9 was launched for collective sale in October at that asking price.
Strategically located at 69 Cairnhill Road, it sits on a land area of about 43,103 sq ft.
Low Keng Huat said on Wednesday that it intends to redevelop Cairnhill into a high rise residential condominium. It expects the proposed redevelopment to yield approximately 200 residential units.
It added that this proposed purchase would enable the group to replenish its land bank for residential developments in Singapore. It incorporated a new wholly owned subsidiary, Glopeak Development Pte Ltd, for the purposes of purchasing and redeveloping the Cairnhill Mansions development.