www.shaproperty.com

FORMER Singapore Land chairman SP Tao's Shing Kwan Group has bought St Martin's Lodge in St Martin's Drive for $29.25 million in a collective sale.

St Martin's Lodge: The site can be redeveloped into a new project with about 15 units averaging 1,800 sq ft

The unit land price of the 19,335 square feet freehold site works out to $1,154 per sq ft of potential gross floor area including an estimated $2 million development charge.

The site is zoned for residential use with a 1.4 plot ratio and a maximum height of five storeys.

It can be redeveloped into a new project with about 15 units averaging 1,800 sq ft. Analysts estimate the breakeven cost could be $1,550 to $1,650 psf

A company owned by Mr Tao's Shing Kwan Group was the highest bidder in a tender closed on Aug 22. CB Richard Ellis brokered the deal.

Garden Estates, part of Singapore's Hong Leong Group, developed the 12-unit St Martin's Lodge, which was completed only in 1994. Owners of 11 of the 12 units have so far agreed to a collective sale.

They will walk away with handsome gains, receiving $2.3 million if they own a 1,248 sq ft apartment or $2.6 million for a 1,668 sq ft unit - between 60 per cent and 100 per cent more than the units would have fetched if sold individually.

Shing Kwan Group is looking primarily at boutique residential developments in Singapore with an all-up investment of about $50 million each.

Cosmopolitan Development - Shing Kwan's joint venture with Mackmoor Pte Ltd, which is controlled by parties linked to Indonesia's Metropolitan group - developed 11 Amber Road, a 40-unit apartment block in Katong that is fully sold. It also developed The Quayside apartments and retail outlets along the Singapore River, and Anson House.

Shing Kwan also has interests in China and Sri Lanka - including Shanghai Mart, Landmark Towers complex in Beijing, Mandarin Garden Hotel in Nanjing and The World Trade Center in Colombo.