Guillemard Road residential development site sold for $93m
This is said to be the largest private residential transaction to date in 2020.
RL East has bought a freehold residential development site located at 217-223A Guillemard Road and 1-21A Jalan Molek at $93m, brokered by Cushman & Wakefield.
In a press release release, Cushman & Wakefield shared that the site has a total area of 3,449.60 sqm (approx. 37,131sqft), and currently comprises 15 adjoining two-storey terrace houses.
A written permission has already been obtained for the proposed construction of a part-5/part-8 residential development with 137 units and a maximum GFA of 10,624.77 sq m (approx. 114,364 sq ft), inclusive of 10% bonus balcony area.
The sale is the largest private residential transaction to date this year, according to executive director of capital markets Shaun Poh, who led the negotiations.