Charoen’s company, alongside Japan’s Sekisui House and CSC Land, are seeking to secure the 99-year leasehold on a land lot in the prestigious Bukit Timah area, according to Forbes.
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Residential buildings in Singapore in 2014. Photo by AFP |
The lot was previously part of the Singapore Turf City horse racing track, which is set to close permanently in 2027 as the government plans to transform the area into an urban development.
The lot, spanning almost 13,500 square meters, can accommodate 380 condominium units, according to the Urban Redevelopment Authority.
Leonard Tay, head of research at Knight Frank in Singapore, noted in an emailed statement that the site lies within a desirable residential enclave near the Sixth Avenue MRT station.
“With limited new launches in the area in recent months, pent-up domestic demand particularly from owner-occupiers familiar with Bukit Timah’s character and education belt is expected to support interest at the project’s launch.”
Tay estimated the project could fetch up to SGD3,200 per square foot, surpassing the effective top bid of SGD1,410 per square foot per plot ratio.
Other industry analysts also confirm the high potential of the lot, which explains why it has attracted nine bidders.
“The plans for Bukit Timah Turf City look promising, with 15,000 to 20,000 homes, lush greenery, good transport connectivity and 22 heritage buildings being proposed for conservation, including the two grandstands, which will be rejuvenated as community nodes,” said Tricia Song, CBRE research head for Singapore and South-east Asia, as reported by The Straits Times.
More development is expected in the area. 20 pure residential plots, three white sites and two residential with commercial at first storey plots potentially lined up in Turf City over the next 10 to 15 years, according to Wong Siew Ying, PropNex head of research and content.
Charoen’s Frasers Property has been intensifying its residential projects to capitalize on strong demand for luxury homes in Singapore.
In November last year, it collaborated with Sekisui House to redevelop a serviced apartment along the Singapore River near Raffles Place into a mixed-use residential and retail complex.
Charoen, aged 81, is Thailand’s third-wealthiest individual with a net worth of $10.6 billion, according to real-time Forbes data.
Charoen also owns Thai Beverages, the maker of Chang beer, and Bangkok-based developer Asset World Corp.
