Wednesday, November 29, 2006
[RealEdge] BT : Nine Kg Glam land parcels auctioned for $10.86 million
| Published November 29, 2006  | |
| Nine Kg Glam land parcels auctioned for $10.86 million
By WEE LI-EN
NINE parcels of unrestored conservation shophouses in Kampong Glam were auctioned for $10.86 million yesterday. Three of the land parcels are at North Bridge Road, four at Jalan Sultan, and one each at Arab Street and Jalan Pinang. All are zoned for commercial use and are on 99-year leases. The highest amount paid was $3.78 million for 101 Jalan Sultan with a site area of 350.6 sq metres, working out to about $10,781 per sq m of land. The site was bought by O&Y Builders Pte Ltd. O&Y Builders also bought the adjacent site, 105 Jalan Sultan, for $1.32 million, making its total purchase $5.1 million. Its managing director Ong Poi Hwa said while this was a high price to pay, he had to get both sites because of related interests in some of the surrounding units. He said he has plans to link the units up to operate a hotel or food and beverage business. Mr Ong is managing director of several other companies, including Aliwal Park Hotel and Asphodel Inn. Choy Chan Pong, land administration director at the Urban Redevelopment Authority, said that the prices at yesterday's auction were higher than those in the previous two auctions for unrestored shophouses in the same area. While the prices paid yesterday ranged from about $5,500 to $10,800 per sq m, the prices which the auction in March obtained ranged from about $3,100 to $6,400 psm. And the first auction, in May 2005, saw prices ranging from about $3,200 to $4,700 psm. One reason could be that the auction was the first time that unrestored conservation shophouses in Jalan Sultan were sold, which fetched the highest prices - the four sites there all selling for over a million dollars each, while the other sites all fetched under a million. |
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