Tai Wah building sold en bloc for $84.89m

The buyer intends to redevelop it into a serviced apartment.

The tender for the freehold Tai Wah Building has been awarded for $84.88m or $2,209 psf ppr, Edmund Tie & Company (ET&Co) said.

According to a press release, the buyer is Lucrum Capital Pte Ltd, a real estate investment firm in the Asia Pacific region.

Tai Wah Building is a four-storey building comprising two shops and six apartments.

The freehold site has a land area of approximately 13,148 sqft and can be redeveloped up to its existing gross floor area of 39,809 sqft.

Lucrum Capital intends to redevelop the property into a serviced apartment with commercial use on the first storey.

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