The Minton Condo
The Business Times
16th January 2007
Kheng Leong bags Minton Rise
KHENG Leong, a privately owned property group controlled by the family of banker Wee Cho Yaw, has bought a privatised HUDC estate in Hougang for $209 million. The company inked a deal over the weekend to buy Minton Rise in a collective sale, according to sources.
BT understands that Kheng Leong may team up with listed construction and property group Low Keng Huat in some way. But sources could not say for sure whether this would involve Low Keng Huat merely handling the construction of the project or taking an equity stake in the redevelopment as well.
Minton Rise has 342 apartments in total. Owners will receive about $611,000 on average. The deal will be subject to approval from the Strata Titles Board.
The $209 million that Kheng Leong has agreed to pay is the reserve price. NRA Real Estate brokered the sale. The unit land price works out to about $236 psf of potential gross floor area, inclusive of an estimated $84 million development charge and a $19.5 million sum (estimated last year but not confirmed by the authorities) for upgrading the site’s lease from a then remaining term of 79 years to a fresh 99-year term.
The 472,378.5 sq ft site is zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area land area), which could mean a new condo with about 1,100 units averaging 1,200 sq ft.
June 2nd, 2010 at 6:00 pm
I do like this project very much. The Minton has many good facilities and the furnishings are nice too. However, the price now is all-time high and may have to consider carefully before committing.
Is Singapore Property Price due for a Correction?