Heeton and partners acquire MacPherson Green
Mar 11, 2011 - PropertyGuru.com.sg Niche real estate developer Heeton Holdings has collaborated with KSH Holdings, TEE International and Zap Piling to acquire the MacPherson Green site for S$105 million through a collective sale tender.
Heeton will hold 40 percent of the project, while Zap Piling, TEE International and KSH will own 15 percent, 20 percent, and 25 percent respectively.
Situated on MacPherson Road in District 13, the 66,932 sq ft freehold land parcel has a plot ratio of about 2.1, allowing the new development to be developed up to 24 storeys. Based on the maximum gross floor area (GFA) of 140,557 sq ft, the purchase price of the site translates to S$750 psf ppr, including the development charge.
“We are excited about the prospects of this new site, as MacPherson is a choice area that is well-connected by expressways and major MRT routes,” said Mr. Danny Low, Executive Director and COO of Heeton.
“The site is large enough to give us the flexibility of offering a good variety of apartment types, and should appeal to a larger group of potential buyers.”
“We are glad to partner KSH and TEE International once again and would also like to welcome Zap Piling on board as a strategic partner,” he added.
The site, which is in close proximity to the Kallang Paya Lebar Expressway (KPE), can be redeveloped into 200 apartments with an average size of approximately 800 sq ft each.
The acquisition is in line with Heeton’s effort to boost its position in the mid- to high-end residential real estate market. Heeton is also planning to release its new project located at a prime site along Killiney Road.