{"id":96524,"date":"2018-08-23T10:11:33","date_gmt":"2018-08-23T03:11:33","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/phoenix-heights-acquired-by-okp-holdings-for-33-1mil\/"},"modified":"2018-08-23T11:02:55","modified_gmt":"2018-08-23T04:02:55","slug":"phoenix-heights-acquired-by-okp-holdings-for-33-1mil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/phoenix-heights-acquired-by-okp-holdings-for-33-1mil\/","title":{"rendered":"Phoenix Heights acquired by OKP Holdings for $33.1mil"},"content":{"rendered":"


\nPhoenix Heights in Bukit Panjang | Photo credits :PropertyGuruSG
\nA 25 percent-owned associate of OKP Holdings has clinched the tender for the collective sale of Phoenix Heights, a 32-unit condominium in Bukit Panjang, after it submitted a $33.1 million bid.
\n\u00a0With an area of 3,971.9 sq m, Phoenix Heights has a lease tenure of 99 years that start from 1969.
\n\u00a0USB plans to apply for a fresh 99-year lease as well as to redevelop the property, subject to the approval of the relevant authorities, revealed OKP in an SGX filing.<\/p>\n

Phoenix Heights in Bukit Panjang | Photo credits :PropertyGuruSG
\nIt should also be noted that the $33.1 million price was arrived after taking into account the current market conditions as well as the property prices within the surrounding area.
\nIn fact, a tender deposit of $180,00 has already been paid, while $3.130 million, which is 10 percent of the purchase price, is due within 14 days from the acceptance of the bid.
\n\u201cThe group will fund its share of the purchase price by internal resources and\/or bank borrowings,\u201d said OKP.<\/p>\n

The Business Times reported that apart from OKP, Chye Joo Construction\u2019s B&D Investment and Property, the Hwa Seng Group\u2019s HSB Holdings, and Ho Lee Group each own a 25 percent stake in USB.
\nOKP does not expect the acquisition to materially affect the group\u2019s earnings per share or net tangible assets per share for the current financial year ending 31 December 2018.
\nEugenia Rosaline Shlaen edited this story. To contact her about this or other stories, email eugenia@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Phoenix Heights acquired by OKP Holdings for .1mil<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Phoenix Heights in Bukit Panjang | Photo credits :PropertyGuruSG A 25 percent-owned associate of OKP...<\/p>\n","protected":false},"author":1,"featured_media":96525,"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-96524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/08\/Phoenix-Heights-Dairy-Farm-Bukit-Panjang-Choa-Chu-Kang-Singapore2-300x169.jpg?fit=300%2C169&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-p6Q","jetpack-related-posts":[{"id":104497,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/okp-holdings-to-launch-two-residential-projects-soon\/","url_meta":{"origin":96524,"position":0},"title":"OKP Holdings to launch two residential projects soon","date":"February 28, 2019","format":false,"excerpt":"\r Artist\u2019s impression of The Essence, a new condominium that\u2019s close to the upcoming Springleaf MRT station. OKP Holdings plans to launch two residential developments this year: the 84-unit The Essence and another 79-unit project at Phoenix Heights. Set to be launched in March, The Essence is a 99-year leasehold\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101804,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/row-of-apartments-in-phoenix-road-up-for-collective-sale-at-42m\/","url_meta":{"origin":96524,"position":1},"title":"Row of apartments in Phoenix Road up for collective sale at $42m","date":"November 29, 2018","format":false,"excerpt":"\r The site is located near Phoenix LRT station and Bukit Panjang MRT station and bus interchange. (Photo: Colliers International) A row of apartments with commercial shops along Phoenix Road in Bukit Panjang has been put up for collective sale with an indicative price of $42 million, revealed marketing agent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109075,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sophia-view-is-the-first-residential-en-bloc-sale-of-2019\/","url_meta":{"origin":96524,"position":2},"title":"Sophia View is the first residential en bloc sale of 2019","date":"July 17, 2019","format":false,"excerpt":"\r Sophia View, a five-unit residential development in District 9, was sold in June to a private investor, making it this year\u2019s first residential collective sale, reported Business Times. While marketing agent SRI refused to reveal the exact purchase price for the property, it shared that each unit will receive\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108500,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/phoenix-road-apartments-shops-make-second-attempt-at-collective-sale\/","url_meta":{"origin":96524,"position":3},"title":"Phoenix Road apartments, shops make second attempt at collective sale","date":"June 27, 2019","format":false,"excerpt":"\r A row of shops and apartments at Phoenix Road in Bukit Panjang has been put up for collective sale for the second time by its owners, with the price unchanged at $42 million. It was first put up for collective sale in November 2018. \u201cOwing to a higher estimated\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":81916,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nicon-gardens-up-for-collective-sale-at-110m\/","url_meta":{"origin":96524,"position":4},"title":"Nicon Gardens up for collective sale at $110m","date":"March 5, 2018","format":false,"excerpt":"\r Each owner is expected to receive about $2.3 million from a successful sale. (Photo: ERA Realty) Nicon Gardens, a strata landed development along Choa Chu Kang Road in District 23, will be launched for collective sale this Thursday (8 Mar), said marketing agent ERA Realty. Completed in 1981, the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100494,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-investment-sales-plunge-63-in-q3\/","url_meta":{"origin":96524,"position":5},"title":"Residential investment sales plunge 63% in Q3","date":"October 25, 2018","format":false,"excerpt":"\r Investment sales in the residential sector plunged to $2.2 billion due to a lackluster en bloc market. 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