The figure includes the S$75 million cost of the freehold site at 11 Claymore Road and a S$35.2 million land betterment charge, said Bobby Hiranandani, the group’s co-chairman and Hiranandani’s son, according to The Business Times.
The site, which has a bungalow on it, was bought by a unit of the group last year. Its price translates to around S$2,190 per square foot (US$18,217 per square meter) based on the gross floor area of 50,326 square feet (4,675 square meters) allowed and a plot ratio of 2.8.
“Claymore Road is a very strong location supporting a luxury serviced apartment development targeting high-end corporate and embassy tenants,” says property consultancy Delasa’s CEO Karamjit Singh, who brokered the deal, as quoted by EdgeProp Singapore.
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11 Claymore Road in Singapore. Photo from Google Maps |
The property is planned to be redeveloped into a luxury long-stay serviced apartment project under the Urban Redevelopment Authority’s SA2 concept, which requires a minimum stay of three months.
Subject to URA approval, the proposed 18-story development will comprise 102 apartments located on floors two to 18. Each unit will measure 42-45 square meters and feature two bedrooms, two bathrooms, living and dining areas, a balcony and a kitchenette.
The ground floor will house the lobby and amenities, including a swimming pool, gym and other wellness facilities. An open terrace is planned on the roof and is expected to have a lounge for residents.
“The apartments will be fully furnished to hotel specifications. We are planning a full-service (offering) including breakfast, house-keeping and room service,” Bobby told BT.
“We are looking at monthly rentals of about S$7,500 to S$8,000 for the apartments. Similar-size serviced apartments in the area are selling at between S$500 and S$600 a night; which works out to S$15,000 and upwards a month.”
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Royal Group’s chairman Asok Kumar Hiranandani (left) and co-chairman Bobby Hiranandani. Photo from the company’s website |
Hiranandani, whom Forbes named Singapore’s 30th richest man last September with a net worth of US$1.9 billion, is the co-founder of the former Royal Brothers property group.
The business was divided in 2011 following a family settlement with his elder brother and fellow billionaire Raj Kumar, who now oversees Royal Holdings and RB Capital alongside his son Kishin RK.
Through Royal Group, Hiranandani owns several prime assets in Singapore, including the Sofitel Sentosa Resort and the Royal Group office building in the heart of the Raffles Place central business district. The company also has hotel holdings in Malaysia, including the DoubleTree by Hilton in Kuala Lumpur.
The group in April recruited Thailand’s Minor Hotels to run the WestDill Mayfair Hotel London, its first hotel in the British capital.
Sourcee.vnexpress.net
