Developer Hoi Hup Realty has bought a freehold residential site at Killiney Road for $115 million in a collective sale, the property firm marketing the project said yesterday.

Colliers International said that the price paid by Hoi Hup for Killiney Apartments works out to $1,022 per square foot per plot ratio (psf ppr), including an estimated development charge of $500,000.

The site was sold through an expression of interest exercise.

The 40,300 square feet site has a 2.8 plot ratio, which gives the site a gross floor area of 113,000 sq ft. The maximum building height is 10 storeys.

Hoi Hup could develop a 10-storey high condominium with 75 units with an average area of 1,500 sq ft each, said Colliers.

Killiney Apartments is at present a 16-storey development with 44 apartments. Each of the 44 owners will receive between $2.5 million and $2.8 million from the sale, Colliers said.

The site was put on the market for the second time in March this year with a $115 million price tag.

The site was first offered for $94-$96 million, which works out to about $835-$852 psf ppr, in June 2006. Then, the site was put on the market through a public tender, but offers were not satisfactory, said Ho Eng Joo, director of investment sales for Colliers.

‘I think the market growth was not very strong yet (last June),’ said Mr Ho. ‘Since then, the market sentiment has changed.’

For the sale, following an expression of interest from Hoi Hup, Colliers negotiated with the developer to raise the price to $115 million, Mr Ho said.

Source: The Business Times, 25 April 2007