Saturday, March 12, 2011

Enbloc news: MacPherson Green site sold


This is a day late (darn business trip!), but the BT yesterday reported that Heeton Holdings, KSH Holdings, Tee International and Zap Piling have teamed up to buy the freehold MacPherson Green via a collective sale for $105 million.
Macpherson Green

The price is a tad lower than the property owners’ previously reported asking price of $115 million.

Heeton will own 40% of this project, while KSH, Tee International and Zap Piling will take up stakes of 25%, 20% and 15% respectively.

The 66,932sqft land parcel, located on MacPherson Road in District 13, has a 2.1 plot ratio, which allows the new development to be built up to 24 storeys.

Based on the maximum gross floor area of about 140,557sqft, the purchase price of the site works out to about $750psf ppr, including development charge.

The site has potential to be redeveloped into 200 apartments with an average size of about 800sqft each. The new project on the site could also become a “landmark” in a vicinity of low-rise buildings, the developers said.

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