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At 311,829 sq ft, the 20-year-old estate is the largest private freehold residential collective sale site to be sold in recent years, said property consultancy Savills, which marketed the site.

 

Each Westpeak owner will pocket between $1.29 million and $1.94 million depending on the size of their apartments, a premium over the last sale of a Westpeak apartment, at $900,000 in November 2004.

 

A new project with 545 units of 1,200 sq ft each is set to go up on the Westpeak site, which has a height restriction of 24 storeys, Chip Eng Seng said in a statement yesterday.

The group, which is expanding its niche property development activities, has been snapping up collective sale sites recently.

 

Earlier this month, it bought Venus Mansion in the Cairnhill area for $123 million, which works out to $783 psf per plot ratio (ppr).

 

It also paid $19.5 million for a freehold property at 21 Balmoral Road in August last year and $79 million for Quelin Gardens at St Thomas Walk in 2004.

 

Meanwhile, in yet another collective sale transaction, Hilton Towers in Leonie Hill has been sold for $79.2 million, or about $880 psf ppr, including a development charge of $3.9 million.

 

The 33,700 sq ft freehold estate in District 9 was bought by Koh Brothers Development and Heeton Land, which jointly developed Sun Plaza next to Sembawang MRT station, as well as The Montana off River Valley Road.

 

And another property deal was sealed yesterday when Mapletree Logistics Trust Management, which manages Mapletree Logistics Trust (MLT), said it acquired a warehouse-cum-office property at Penjuru Lane for $16.2 million. The deal will add 0.12 cent to the distribution per unit of MLT for the year ended Dec 31 last year.