The Sloane Court Hotel enbloc has been sold for a whopping S$80.5 Million. Ocean Sky International and Tiong Seng Holdings have joined hands in the acquisition of this hotel together with an adjoining small piece of land. According to the premarket-exchange filings announcement by the Singapore Exchange, this site is expected to be redeveloped into a 12-story condominium and it will contain around 80 units. However, the price is exclusive of the development charges of the intensified use of the land.
Sloane Court Hotel Enbloc by Ocean Sky International
On Monday, Lim Geok Hwee, the chief operating officer of Tiong Seng Holds told Strait Times the company’s joint venture enbloc with Ocean Sky is to redevelop the Sloan Court Hotel Enbloc into a condominium which will have units with an average size of 700 sq ft. Note that this joint venture between these two companies will be the second one for them. Both companies had previously acquired 2 freehold sites for S$21 Million along the Jervois Road and they plan to convert the sites into a development with 21 apartments.
Slonae Court Hotel Development Charges Payable for Intensifying Plot of land
On Sloan Court Hotel Enbloc, Mr. Lim said that they plan to fully utilize the site up to the maximum size of allowable gross-floor area and they will be required to pay the development charges for the intensifying land use. Mr. Lim added that they expect the incoming residential market to be in good shape in the next couple of years. He continued to say that enbloc and tender sales which have been happening over the last year have been expensive and this will translate to even more costly home selling prices in the next year.
Civil engineering company Ocean Sky and engineering and Construction Company Tiong Seng Holdings are buying these sites all which have a combined area of about 3,617 sq. ft. and they are zoned as residential with 1.6 gross-plot ratio.
The 32-roomed hotel which was constructed by Hainan born Mr. Chiam sits on a prime area of district 10, along the 17-Balmoral Road and is flanked by luxurious and impressive freehold condominium developments. Sloane Court Hotel is expected to be demolished next year. The acquisition of this landmark property marks the end of an era as the owner of this hotel had refused to sell it for redevelopment during the previous enbloc market booms.
Sloane Court Hotel Awaiting Share Holders Approval
The proposed acquisition of these sites is conditional and awaits the approval of shareholders of owners of these two sites. The development of both sites will be foreseen by TSky Development Company which will be responsible for setting up a project company that will undertake the sites’ development.
The acquisition of the Sloane Court hotel enbloc and the proposed redevelopment of the new condominium project completely aligns with the new positive outlook of the residential market in Singapore.