Malaysia's No. 1 Property Developer, S P Setia Berhad Group through its subsidiary S P Setia International (S) Pte Ltd was awarded the tender for the popular Toh Tuck Road site today by URA. This site will be home to S P Setia Berhad Group's third development in Singapore.
Dato' Khor Chap Jen, CEO & President of the Group said, "We are pleased to be awarded the tender of this site by the Urban Redevelopment Authority (of Singapore). Singapore is one of our key overseas markets and we will continue to strengthen and grow our brand presence here.
"The Group forayed into Singapore in 2012 with 18 Woodsville, a freehold condominium located next to Potong Pasir MRT station and thereafter launched Eco Sanctuary, a 483 units condominium along Chestnut Avenue that enjoys lush views of the island's central catchment nature reserve. Both projects had been successfully launched and completed. We are confident that this new development will be an attractive proposition for home buyers and investors alike" he added.
S P Setia's successful bid of SGD265mil (approximately RM847.60 million) for Toh Tuck Road site represents SGD939 psf of Gross Floor Area ("GFAâ€) for a site area of 1.87 hectares (i.e 4.6 acres) and a plot ratio of 1.4. The site will be transformed to a 5-storey condominium with total GFA of 26,210 sqm worth SGD457 million in Gross Development Value ("GDVâ€). Purchasers can look forward to its launch in 2018.
The new condominium will be home to 327 luxurious apartments enjoying choice amenities and within short walking distance to Beauty World MRT station. Residents also get to enjoy the nearby Bukit Timah Nature Reserve and Bukit Batok Nature Park. It is also easily accessible to other parts of the island via the Pan Island Expressway (PIE) and Bukit Timah Expressway (BKE).
The site is close to shopping and dining options at Beauty World Centre, Bukit Timah Shopping Centre, Bukit Timah Plaza, West Mall and The Grandstand. Lifestyle clusters such as Holland Village, Rochester Park and Dempsey Hill are also a short drive away.
It is also convenient for families with school-going children as there are numerous schools nearby such as Bukit Timah Primary School, Pei Hwa Presbyterian Primary School, Yusof Ishak Secondary School, Methodist Girls School and Hwa Chong Institution. Tertiary institutions in the vicinity include Ngee Ann Polytechnic, Singapore Polytechnic, Singapore University of Social Sciences (formerly known as UniSIM) and National University of Singapore.
Datuk Wong Tuck Wai, Deputy President & COO of the Group said, "The 5-storey condominium planned for this site will continue to showcase Setia's strengths in eco-themed developments. This will be a new concept condominium with modern resort-style facilities and thematic landscaping to create a bespoke sanctum for our discerning residentsâ€.
S P Setia enjoys numerous local and international recognition for its highly acclaimed works. It has a solid reputation for building high-quality and highly-innovative developments in local and international markets.