{"id":123490,"date":"2021-11-29T04:17:17","date_gmt":"2021-11-28T21:17:17","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-unit-to-acquire-upper-bukit-timah-site-for-126-3mil\/"},"modified":"2021-11-29T13:02:49","modified_gmt":"2021-11-29T06:02:49","slug":"cdl-unit-to-acquire-upper-bukit-timah-site-for-126-3mil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-unit-to-acquire-upper-bukit-timah-site-for-126-3mil\/","title":{"rendered":"CDL unit to acquire Upper Bukit Timah site for $126.3mil"},"content":{"rendered":"


\nThe two adjoining sites are located at 798 and 800 Upper Bukit Timah Road and have an area of 16,620 sq m (178,900 sq ft). Source:\u00a0Google\u00a0Maps
\nCDL Aries, a unit of City Developments Limited (CDL), has been granted a call option to acquire two adjoining sites at 798 and 800 Upper Bukit Timah\u00a0Road for $126.3 million, reported Mingtiandi.
\nWith an area of 16,620 sq m (178,900 sq ft), the property is being used by Tan Chong International as an auto service facility. It is zoned for residential use with a 2.1 plot ratio and an allowable building height of up to 24 storeys.
\nThe set of properties is currently leased until 31 March 2022 and had a collective fair value of $95.9 million as of end-June.
\nCDL secured the rights to the property just a day before Canninghill Piers\u00a0\u2013 its joint venture project with CapitaLand \u2013 registered $1.8 billion in sales during its weekend launch on 20 November.
\n\u201cAfter launching Canninghill Piers last weekend, it is not surprising that CDL has started to look at replenishing their inventory,\u201d PropNex Realty CEO Ismail Gafoor told Mingtiandi.
\n\u201cThis project will provide CDL with an opportunity to launch more residential units in the near future especially in the OCR (outside central region) region where there has been diminishing supply of new homes.\u201d
\nOnce the deal is closed, the property will allow CDL to expand its 23 million sq ft portfolio of commercial, residential and hospitality assets by 375,690 sq ft of new space.
\nGafoor described the Bukit Timah area as a highly sought-after address by many investors and Singaporeans.
\n\u201cThe demand for homes in this area has always been robust due to its prestige, with a number of esteemed Good-Class Bungalow estates, high-end condominium developments as well as reputable schools being located in this area,\u201d he said.
\nHe added that it is an \u201cup-and-coming area to look out for\u201d given the various development plans introduced to improve connectivity as well as add more green spaces within the neighbourhood, such as the Railway Corridor development and the Beauty World rejuvenation plan.
\nUpper Bukit Timah is also home to schools, parks and commercial spaces, with the Tan Chong industrial park located just next to the Hazel Park condominium.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CDL unit to acquire Upper Bukit Timah site for 6.3mil<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The two adjoining sites are located at 798 and 800 Upper Bukit Timah Road and...<\/p>\n","protected":false},"author":1,"featured_media":123491,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-123490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/upper-bukit-timah.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-w7M","jetpack-related-posts":[{"id":119946,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/adjoining-sites-at-bukit-timah-dukes-road-up-for-collective-sale\/","url_meta":{"origin":123490,"position":0},"title":"Adjoining sites at Bukit Timah, Duke's Road up for collective sale","date":"January 27, 2021","format":false,"excerpt":"\r Adjoining sites at Bukit Timah, Duke's Road up for collective saleWith an area of 16,479 sq ft, the freehold site is zoned for residential and commercial use under the\u00a02019 Master Plan. Image: Google Street View Three adjoining mixed-use redevelopment sites located at 551 to 553 Bukit Timah Road and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/551-to-553-Bukit-Timah-Rd.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":122838,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/adjoining-sites-at-bukit-timah-dukes-road-goes-en-bloc-again-with-lower-price\/","url_meta":{"origin":123490,"position":1},"title":"Adjoining sites at Bukit Timah, Duke's Road goes en bloc again with lower price","date":"October 27, 2021","format":false,"excerpt":"\r Adjoining sites at Bukit Timah, Duke's Road goes en bloc again with lower priceLocated\u00a0at 551 to 553 Bukit Timah Road and 6 to 8 Duke\u2019s Road,\u00a0the three adjoining mixed-use redevelopment sites has an asking price of $53.8 million. 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