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Singapore developer Macly Capital intends to purchase nine single-storey shophouses in Telok Kurau for $35.5 million in all and subsequently redevelop them into a mixed-use project, reported the Business Times.
Pursuant to this, it has exercised an option to acquire the aforementioned properties near Kembangan MRT station with a combined land area of 18,805.8 sq ft.
According to Teakhwa Real Estate, the purchase consideration, including a development charge of around $5.9 million, translates to a land rate of $733.8 psf per plot ratio (ppr).
Situated at the junction of Telok Kurau Road and Changi Road, the nine shophouses are sited on a freehold land with a plot ratio of 3.0 and a height restriction up to five storeys.
Notably, an outline planning permission has been granted to redevelop the site into a five-storey project with attic containing seven commercial shops on the first floor, 46 dwellings, a basement carpark and a swimming pool on the rooftop.
Among Macly Capital’s recent housing developments are the 15-unit Fivenine project in Lorong K Telok Kurau, Singapore and The Luxe by Infinitum with 723 units in Kuala Lumpur, Malaysia.
This article was edited by Keshia Faculin.
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