Long House Food Centre has been acquired by TEE Ventures, a subsidiary of the mainboard-listed TEE Land, in a deal brokered by Knight Frank.
Long House, a family-held asset, sits on a 1,576 square metre freehold site that has been designated for commercial and residential use under the 2008 Master Plan.
In a filing to the Singapore Exchange yesterday, TEE Land said that it intends to redevelop the property into a commercial-cum-residential development. It added that the acquisition was in line with its strategy to expand its local real estate footprint.
Knight Frank described the site as being suitable for redevelopment into a four-storey, mixed-use development with shops on the lower levels and residential units upstairs.
Knight Frank's director and head of investment and capital markets Ian Loh noted that the sale price translated to an equivalent land rate of $888 per square foot per plot ratio (psf/pr), before factoring in the development charge.
After factoring in an estimated development charge at prevailing rates, it works out to $970 to $980 psf/pr, depending on the mix of commercial and residential quantum proposed.
Source from Business Times