News: Two residential sites at Institution Hill sold for $33.6mil

Feb 22, 2021

Located within the prime District 9, both sites have a 999-year leasehold tenure. They have a combined area of 813.9 sq m (8,761 sq ft) and a plot ratio of 2.8. Image: Google Street View

A consortium comprising Macly Group, Roxy-Pacific Holdings and LWH Holdings has acquired two residential plots at 10A and 10B Institution Hill for $33.6 million, revealed Cushman & Wakefield, which brokered the sale.

Located within the prime District 9, both sites have a 999-year leasehold tenure. They have a combined area of 813.9 sq m (8,761 sq ft) and a plot ratio of 2.8.

Cushman & Wakefield noted that the sites can be developed into a new residential project with a total gross floor area of 2,278.92 sq m (24,530 sq ft).

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Cushman & Wakefield’s Director of Capital Markets Christina Sim revealed that the sites received keen interest as many developers are “continuously looking to land bank to develop and sell”.

“Interest in districts 9, 10 and 11 and those residential plots on the fringe of the Central Business District (CBD) are especially popular due to the scarcity of supply of small to mid-sized plots,” she said.

Meanwhile, Roxy-Pacific revealed that Mequity Hills, the joint venture company that acquired the sites, intends to amalgamate the two plots at 10A and 10B with a neighbouring 999-year leasehold site at 11 Institution Hill “after it exercises the Option to Purchase issued on 1 February 2021 to acquire the new site”.

“The amalgamated site will have an estimated total land area of 14,300 sq ft with a total gross floor area of 40,040 sq ft for residential development,” it said.

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