SingHaiyi Group launches three-way joint tender
The tender is for the well-known $276.8m property in Maxwell Road.
SingHaiyi Group has announced that its wholly-owned subsidiary SingHaiyi Investments Pte. Ltd. (SHIPL) has entered in a three-way joint tender with CEL Development Pte. Ltd. and Chuan Investments Pte Ltd (CIPL) for the collective purchase of the property known as Maxwell House for $276.8m.
CEL is a wholly-owned subsidiary of Chip Eng Seng Corporation Ltd, an entity in which Mr. Gordon Tang and Mrs. Celine Tang are the joint controlling shareholders whilst CIPL is a newly incorporated company owned by Longlands Holding Limited, Mr. Tng Kay Lim and Mr. Yang Tse Pin, each holding approximately 33.33% in CIPL.
The property is a 13-storey commercial development comprising 145 strata units, located at Maxwell Road. It has a leasehold term of 99 years from 2 June 1969, with a land area of approximately 3,883 square metres and a plot ratio of 4.3.
The property is currently zoned as “commercial”, but the joint tenderers intend to seek approval from the Urban Redevelopment Authority (URA) to redevelop the Property into a commercial and residential” mixed-use development with a gross plot ratio of at least 5.6 and gross floor area (GFA) of at least 21,746 square metres, of which up to 20% of the total GFA will be zoned for commercial use. The joint tenderers will also seek in-principle approval from the Singapore Land Authority to issue a fresh 99 years lease.
SingHaiyi Group said that the joint tender will allow the company to better manage its financial and execution risks and tap on one another expertise and experience whilst expanding its development portfolio in Singapore.
The companies will enter in a joint venture with CEL owning a majority 40% interest, SHIPL 30% and CIPL 30%.