Heeton Holdings, together with KSH Holdings and TEE International, have joined forces to acquire the Mitre Hotel site for $121 million, by way of a public tender.
Heeton will own 45% of this project, while KSH and TEE International will take up the remaining 35% and 20% respectively.
The 39,972 sq ft freehold land parcel, located along Killiney Road in Singapore’s prime District 9, has a plot ratio of approximately 2.8. Based on the maximum gross floor area of about 111,922 sq ft, the purchase price of the site works out to about $1,080 psf per plot ratio, excluding development charge.
Danny Low, COO and Executive Director of Heeton, says, “Killiney is a choice prime area for upwardly mobile locals and expatriates, as it is right in the heart of Singapore’s shopping and entertainment scene. We see great potential for this freehold land parcel, and plan to redevelop it into a distinctive residential landmark, offering exquisite, smaller- sized apartments best suited for inner-city living.”
Low adds that the consortium will be looking to appoint an architect for the project, and the design proposal will be unveiled at a later date.
Nestled in an exclusive residential enclave mere minutes from Orchard Road, the site is within walking distance of Somerset MRT station, and a stone’s throw from a jubilant mix of shopping, dining and entertainment choices.
Source: The Edge, 12 Nov 2009
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