Singapore Property | Tan Tock Seng descendants put Cuscaden Rd site up for sale
Great-great-grandsons of famous philanthropist expecting offers in region of S$160-170 million
By Kalpana Rashiwalakalpana@sph.com.sg@KalpanaBT
The 25,741 square foot freehold site, located at 9 Cuscaden Road, is flanked by St Regis Residences Singapore and Tanglin Shopping Centre.
Apr 5, 20165:50 AM
THE descendants of the famous philanthropist Tan Tock Seng are believed to have put up a plum site in Cuscaden Road for sale.
The sellers are expecting offers in the region of S$160-170 million for the 25,741 square foot freehold site located at 9 Cuscaden Road. The property is flanked by St Regis Residences Singapore and Tanglin Shopping Centre.
Under Master Plan 2014, the rectangular-shaped site is zoned for hotel use with a 4.2 plot ratio (ratio of maximum gross floor area to land area).
JLL, the exclusive marketing agent for the property, said: "The Urban Redevelopment Authority (URA) has advised that it is also prepared to consider a redevelopment proposal into a 20-storey residential development. In both proposals, commercial space on the first storey may be allowed.
"This offers purchasers with two distinct and attractive redevelopment options, subject to design, approval and payment of development charges (DC)."
The quantum of DC payable to the state is not yet known as the development baseline of the site is in the midst of being ascertained by the vendors, said JLL international director Karamjit Singh.
However, he expects the development baseline to be ascertained and hence the DC quantum to be made known to buyers before the tender for the site closes on May 12.
The last sale of a prime high-rise residential redevelopment site in Singapore took place three years ago, when Swire Properties of Hong Kong acquired Hampton Court at Draycott Park for S$155 million. This worked out to S$2,526 per square foot per plot ratio (psf ppr), inclusive of the estimated DC payable.
Given current soft market conditions, industry observers expect the psf ppr price for 9 Cuscaden Road to be lower than that for Hampton Court.
Currently on site is a detached house. JLL said the property is being sold by the trustees of the estate of the late owner but declined to comment further.
The Business Times understands the joint tenants are Tan Jiew Sin, Augustus; Tan Jiew Hoe; and Tan Jiew Cheng. They are the sons of the late Tan Hoon Siang, who was the great-grandson of Tan Tock Seng.
The property is being put up for sale nine years after the death of Mr Tan Hoon Siang's wife Marie Windsor in June 2007, who had owned the property.
The three men - who are the great-great-grandsons of Mr Tan Tock Seng - are acting as the trustees of the estate.
The family is understood to have lived in the house on site.
Incidentally, past media reports show that the late Mr Tan Hoon Siang was also a director of OCBC Bank and the chairman of Bukit Sembawang Estates. He passed away in May 1991.
JLL's Mr Singh said that the detached housed is one of the last remaining undeveloped plots along Cuscaden Road. "Such opportunities to acquire development sites in and around Orchard Road, especially freehold ones, are rare to come by, be it for residential or hotel use.
"We anticipate strong interest from developers and investors, both locally and regionally. Properties located within the Orchard area are regarded as prized assets and are often highly sought-after. Supply, however, is tightly-held by institutions and generational owners."
He added that a buyer could redevelop the site into a mid-scale to upscale hotel with around 300 rooms, depending on the design. "Alternatively, a residential developer may be able to accommodate as many as 185 small 'shoebox' apartments with an average size of 540 sq ft, or 50 units of 2,000 sq ft apartments, depending on the configuration of the building and subject to approval from the relevant authorities."