{"id":84358,"date":"2018-04-02T08:30:33","date_gmt":"2018-04-02T01:30:33","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/tiong-seng-led-joint-venture-acquires-cairnhill-heights-for-72-6m\/"},"modified":"2018-04-02T11:02:57","modified_gmt":"2018-04-02T04:02:57","slug":"tiong-seng-led-joint-venture-acquires-cairnhill-heights-for-72-6m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tiong-seng-led-joint-venture-acquires-cairnhill-heights-for-72-6m\/","title":{"rendered":"Tiong Seng-led joint venture acquires Cairnhill Heights for $72.6m"},"content":{"rendered":"


\nThe purchase price of Cairnhill Heights is lower than the initial asking price of over $80 million.
\nTSky Development, a joint venture between construction firm Tiong Seng Holdings and investment holding company Ocean Sky International, has agreed to acquire the Cairnhill Heights condominium at 16 Cairnhill Rise for $72.6 million.
\nTo be funded by TSky Development\u2019s internal resources and bank facilities, the purchase price is lower than the sellers\u2019 initial asking price of over $80 million.
\nMore: Cairnhill Heights eyes $80mil in collective sale tender
\nLocated in prime District 9 near the Orchard Road shopping belt and Mount Elizabeth Hospital, the freehold development sits on an approximately 15,407 sq ft site zoned for residential use with a gross plot ratio of 2.8.
\nThe site could be redeveloped into a residential development of around 42 units based on an average size of 1,022 sq ft, the two companies said in an SGX filing on Monday (2 Apr).
\nTiong Seng holds a 60 percent stake in TSky Development, while Ocean Sky owns the remaining 40 percent.
\nBoth companies do not expect the acquisition to materially affect their net tangible assets and earnings per share for the current financial year ending 31 December.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Tiong Seng-led joint venture acquires Cairnhill Heights for .6m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The purchase price of Cairnhill Heights is lower than the initial asking price of over...<\/p>\n","protected":false},"author":1,"featured_media":0,"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-84358","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-lWC","jetpack-related-posts":[{"id":123185,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cairnhill-16-to-open-for-preview-on-saturday\/","url_meta":{"origin":84358,"position":0},"title":"Cairnhill 16 to open for preview on Saturday","date":"November 12, 2021","format":false,"excerpt":"\r Cairnhill 16 will launch on 27 November 2021, with\u00a0unit sizes ranging from 775 sq ft to 1,744 sq ft on sale. Source:\u00a0TSky Cairnhill 16,\u00a0a 39-unit luxury hilltop development in prime District 9, will open for preview on Saturday (13 November), while the official sales launch is set for 27\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/Cairnhill-16-.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":74414,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cairnhill-heights-eyes-80mil-in-collective-sale-tender\/","url_meta":{"origin":84358,"position":1},"title":"Cairnhill Heights eyes $80mil in collective sale tender","date":"December 13, 2017","format":false,"excerpt":"\r Cairnhill Heights, a 19-unit residential development at Cairnhill Rise, is set to be launched for en bloc sale tender on 19 December, reported Business Times. This comes after over 90 percent of the owners have agreed to the sale. The owners are looking at a sale price of more\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":70718,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tiong-seng-subsidiary-backs-out-of-jervois-road-site-acquisition\/","url_meta":{"origin":84358,"position":2},"title":"Tiong Seng subsidiary backs out of Jervois Road site acquisition","date":"November 2, 2017","format":false,"excerpt":"\r Tiong Seng Holdings\u2019s subsidiary, TSky (Jervois), has exercised its right to rescind the option to purchase two freehold sites in Jervois Road. This comes as the necessary redevelopment approval for the sites has not been given by the relevant authority \u201cdue to restriction of redevelopment plans for the remaining\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61002,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tiong-seng-jv-buys-two-residential-sites-for-s21mil\/","url_meta":{"origin":84358,"position":3},"title":"Tiong Seng JV buys two residential sites for S$21mil","date":"July 18, 2017","format":false,"excerpt":"\r \u00a0 A joint venture set-up by a unit of Tiong Seng Holdings has exercised an option to purchase two freehold residential sites in prime District 10 for a total of S$21 million, revealed an SGX filing on Monday (17 July). With a combined area of about 1,246.3 sqm (approx.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":98050,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-freehold-condos-in-district-9-up-for-en-bloc-sale-again\/","url_meta":{"origin":84358,"position":4},"title":"Two freehold condos in District 9 up for en bloc sale again","date":"September 18, 2018","format":false,"excerpt":"\r Located near Orchard Road, Grange Heights is making a second attempt at a collective sale. (Photo: Colliers International) Undeterred by the government\u2019s property cooling measures, two freehold condos in District 9 near the Orchard Road shopping district are making another try at an en bloc sale. Grange Heights along\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":84376,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chancery-court-put-up-for-collective-sale-at-390m\/","url_meta":{"origin":84358,"position":5},"title":"Chancery Court put up for collective sale at $390m","date":"April 2, 2018","format":false,"excerpt":"\r The asking price works out to a land rate of $1,572 psf per plot ratio. (Photo: OrangeTee Advisory) Chancery Court, a privatised HUDC estate along Dunearn Road, has been launched for collective sale at an asking price of $390 million, or a land rate of $1,572 psf per plot\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/84358"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=84358"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/84358\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=84358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=84358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=84358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}