SingXpress Land sells 80% of Charlton Residences

The development site sits on a 34,154 square-foot freehold plot, the former site of Foh Pin Mansion.

According to a release, SingXpress Land Ltd., through Charlton Residences Pte Ltd, has sold approximately 80% of Charlton Residences, a 21-unit freehold cluster housing development project – the first project by the SGX-Catalist listed company since it unveiled its “investment banking approach” towards property development.

As of 11 December 2011, approximately 80% of the units at the three-storey landed residential property project located at 1 Charlton Road, has been sold during the preview at a mean price of S$2.8 million per unit.

SingXpress Land owns 80% of Charlton Residences Pte Ltd (the joint venture company that is developing and selling Charlton Residences), with the balance owned by A.C.T. Holdings Pte Ltd. The development site sits on a 34,154 square-foot freehold plot, the former site of Foh Pin Mansion, which was acquired for S$21.4 million via an en bloc acquisition in 2010. Located in the Kovan precinct, the quality designer homes range from 5,350 to 7,696 square feet, each with six bedrooms, two car park lots, and a private deck with a Jacuzzi pool. Selected units are fitted with elevators for the convenience of the elderly. Charlton Residences challenges the traditional cluster housing layout by locating facilities and amenities away from the units to ensure complete privacy to each family.

The project places emphasis on design with all the units featuring high-quality contemporary interior finishes and branded fittings, making it an ideal residence of choice.

It is a stone’s throw from Kovan MRT Station, the Heartland Mall, and is accessible to schools such as Holy Innocents’ High School, Paya Lebar Methodist Girls’ School, and Rosyth School in or near the Upper Serangoon area which has been transformed in recent years by improvements in transport infrastructure and the completion of the NEX megamall.

The project is the first of three residential projects to be launched by SingXpress Land in accordance with the new corporate vision to embark on an “investment banking” approach towards property development, combining risk management and leverage, as well as tapping into a network of alliances of partners and potential investors.

The other two projects include a Housing & Development Board (“HDB”) Design, Build and Sell Scheme (“DBSS”) project in Pasir Ris, for which SingXpress Land had successfully secured with a bid of S$123.9 million, and SingXpress Mansions, a proposed 20-storey luxurious freehold condominium on the former site of Waldorf Mansions which was acquired via an en bloc acquisition for S$21 million in 2011.

Revenue from the Charlton Residences project will contribute to the financial performance of SingXpress Land from the financial year ending 31 March 2012 based on the percentage of completion. The estimated Temporary Occupation Permit date for this project is expected to be 2014.

Commenting on the sales to date, Mr Chan Heng Fai, the Managing Director of SingXpress Land, said: “We are very pleased with the strong sales of Charlton Residences. It demonstrates the demand for housing with quality design and situated at a good location  which the project offers. It marks a good start for our investment banking approach to  property development.”