Hoi Hup Realty and Sunway Developments have teamed up to secure two residential sites along Thiam Siew Avenue for a whopping $1.1 billion! This is great news for investors and homeowners alike, as the two companies plan to create a world-class development with plenty of attractive amenities. Read on to find out more about this exciting project and what it could mean for the future of real estate in Singapore.
Introduction to Thiam Siew Avenue
Thiam Siew Avenue is a freehold residential street located between Haig Road and Tanjong Katong Road in the main East District 15 of Singapore. It is home to five bungalows and 10 pairs of semi-detached houses, and recently had two land parcels sold for a record-breaking sum of $1.1 billion.
The two sites, which total 491,000 sq ft in area, were jointly acquired by Hoi Hup Realty and Sunway Development. This marks the fifth collective sale bid on the street, with the Horizon Towers development having been relaunched at the same price.
Situated in a prime location, the Thiam Siew Avenue land parcels are just minutes away from major amenities such as East Coast Park, Parkway Parade Shopping Centre, and Siglap Shopping Centre. The area is also home to several schools such as Victoria Junior College and Canadian International School (Tanjong Katong Campus).
With a such favorable location and surrounding amenities, these plots of land are likely to draw considerable interest from potential buyers. Investors looking to purchase properties here should take into account factors such as stamp duty implications for buyers.
It is clear that these two sites have attracted considerable attention due to their strategic location and potential for development. Those interested in finding out more can book an appointment to view The Continuum ShowFlat and get VVIP discounts (limited time).
Sale of Two Sites for Record-Breaking $1.1 Billion
The two freehold residential sites located at Thiam Siew Avenue have been sold for a record-breaking sum of $1.1 billion, making it the biggest residential development site sold in the private market since July 2018. The buyers of the sites are Hoi Hup Realty and Sunway, who jointly acquired the land parcels for an estimated $815 million.
The two sites are part of Singapore’s prime residential district, located between Leonie Hill and River Valley Road. Sitting on a 1.9ha elevated site, the potential of the land parcels is immense. The area is surrounded by a host of amenities such as shopping centers, restaurants, and entertainment options, making it an attractive location for residential development.
The sale has set a new record in Singapore’s property market and is indicative of healthy investor confidence in the local market. It is expected that the development potential of the sites will be maximized by Hoi Hup Realty and Sunway, resulting in a high-end residential project that will further boost the area’s property market.
This record-breaking sale comes amid robust investment sales projections in 2023, with Colliers estimating that it will clock in around $25 billion. This is further corroborated by the relaunch of Horizon Towers at $1.1 billion in its fifth collective sale bid back in February 2023. The success of this transaction underscores investor optimism and underscores Singapore’s attractiveness as an investment destination.
It remains to be seen how Hoi Hup Realty and Sunway will develop their newly acquired Thiam Siew Avenue sites but one thing is for certain: this record-breaking deal has set a new benchmark for Singapore’s property market.
Hoi Hup and Sunway secure Thiam Siew Avenue Sites
Hoi Hup Realty and Sunway Developments have made headlines after securing two freehold sites at Thiam Siew Avenue for an impressive $1.1 billion. In what is the fifth collective sale bid on Thiam Siew Avenue, the joint venture between the two property players was able to acquire the two adjoining land parcels at the price of S$815 million.
The two sites have a combined land area of 49,404 sqm and are conveniently located between Haig Road and Tanjong Katong Road in prime District 15. The sites are also within walking distance of two MRT stations, namely Paya Lebar Interchange MRT Station (for the East-West Line) and Mountbatten MRT Station (for the Circle Line).
The acquisition marks a record-breaking price for Thiam Siew Avenue, as it is higher than the previous bid of $1.06 billion placed by Hoi Hup Realty and Sunway Developments in October 2020 for Horizon Towers, another pair of freehold sites on Thiam Siew Avenue.
The development potential of the Thiam Siew Avenue sites is significant due to their freehold status and prime location. With some of Singapore’s best schools nearby and excellent public transport links, it is no surprise that many developers were interested in bidding for the sites. Furthermore, with a wide range of amenities such as restaurants, shopping malls, parks, and malls nearby, it is an attractive choice for potential homebuyers.
For investors looking to purchase or invest in properties at Thiam Siew Avenue, it is important to note that stamp duty implications may apply. Buyers should also take into consideration other factors such as the development’s facilities and amenities as well as its proximity to public transport links when making their decision.
Considerations for Investing in Thiam Siew Avenue Land Parcels
Investors interested in buying land parcels on Thiam Siew Avenue, Singapore, should consider the many advantages of this prime location. The area is home to a number of residential and commercial developments, offering potential buyers a variety of options for investment. Furthermore, the area boasts excellent infrastructure and transportation links, making it an ideal location for potential buyers.
The two sites sold by Hoi Hup and Sunway at Thiam Siew Avenue, have a total land area of 263,794 sq ft and are freehold residential plots. This makes them an attractive option for potential buyers looking to invest in the area. The sites are surrounded by a range of amenities, including shopping malls, supermarkets, schools, and medical facilities. This makes it an ideal location for those looking to buy property in the area.
The sites also offer excellent connectivity with major roads and public transport links. The nearby Central Expressway (CTE) and the upcoming Jurong Region Line (JRL) provide easy access to the city centre and other parts of Singapore. These transportation links make it convenient for potential buyers who may be looking to commute or invest in the area.
In addition to its favorable location and infrastructure links, investors should also pay attention to stamp duty implications when considering investing in Thiam Siew Avenue land parcels. The Inland Revenue Authority of Singapore (IRAS) imposes different stamp duties on buyers based on their nationality. Foreigners buying property in Singapore are subject to higher stamp duties than permanent residents or citizens of Singapore. Potential buyers should research these implications before making their purchase in order to ensure they are not incurring any unnecessary costs.
Overall, Thiam Siew Avenue is an attractive option for investors looking to buy land parcels in Singapore. With its favorable location and infrastructure links, as well as its range of amenities, it is a great option for those looking to invest in Singapore’s property market. However, potential buyers should consider stamp duty implications before making their purchase
Conclusion
The sale of two sites at Thiam Siew Avenue for a whopping $1.1 billion marks the biggest residential development site sold in the private market. Hoi Hup Realty and Sunway Developments have secured the two freehold residential plots for S$815 million ($600.2 million). With their ideal location and potential for development, these sites are sure to be a lucrative investment for Hoi Hup and Sunway as well as anyone who purchases a unit in the future.
In addition to the two sites that have been sold, a third site at Horizon Towers has also been relaunched at $1.1 billion in its fifth collective sale bid. The site is located on an elevated 1.9-ha area between Leonie Hill and River Valley Road. It offers an excellent view of the city skyline and its surrounding amenities make it an ideal spot for residential projects.
For anyone interested in investing in Thiam Siew Avenue land parcels, it is important to consider all factors involved including stamp duty implications. Buyers should also book an appointment to view The Continuum ShowFlat & Get VVIP Discounts to get a better understanding of the area and its potential as an investment opportunity before making any decisions.
Overall, the sale of Thiam Siew Avenue sites is a huge success for Hoi Hup Realty and Sunway Developments and a great opportunity for anyone looking to invest in this prime location. With its ideal location and potential for development, this is sure to be an extremely lucrative investment for all parties involved.