SINGAPORE (EDGEPROP) - Hong Kong-listed Far East Consortium International controlled by the Chiu family, announced on Sept 17 that it has signed a sale and purchase agreement to sell the 34-unit 21 Anderson for $213 million. The buyer is Kheng Leong Co., the privately held property investment and development arm of the Wee family led by former banker and tycoon Wee Cho Yaw.
The $213 million purchase price translates to $2,490 psf, based on the gross floor area (GFA) of 85,552 sq ft for the building. The deal is said to be brokered by Steven Ming, founder and managing partner of Sakal Real Estate Partners.
21 Anderson has 34 units in a 10-storey, freehold block that underwent extensive addition and alteration works. It has eight floors of typical three- and four-bedroom apartments with sizes ranging from 1,900 to 2,200 sq ft, with four penthouses of 4,700 to 5,500 sq ft with a private rooftop plunge pool each.
The property has changed hands five times in the past 13 years. It started with Hillcrest Capital’s en bloc purchase of the building, then called Anderson House, for $106.5 million based on a caveat lodged in January 2008. The price worked out to $1,445 psf based on the strata area of 73,712 sq ft. (See: See potential condos with en bloc calculator)
Hillcrest Capital had undertaken extensive addition and alteration works. Bathrooms and kitchens feature high-end fittings and accessories, such as Duravit, Hansgrohe, Gaggenau and Gessi. Facilities in the development include a 30m swimming pool, tennis court, gym and sauna facilities.
The building was then sold to real estate investment management firm Arch Capital Management, which originated as a joint venture with the Ayala Group of the Philippines. Arch Capital purchased 21 Anderson in 2010 for $200 million or $2,338 psf based on the GFA of 85,552 sq ft. It was rebranded Royal Oak
Four years later, American private equity firm Blackstone paid $164 million ($1,917 psf) for the property. It was then sold to Far East Consortium for $196 million ($2,291 psf).
The latest buyer, Kheng Leong is likely to buy it and landbank it for future capital gain. Alternatively, it could subdivide and sell the individual strata-titled units. After all, Nouvel 18 directly across the road has seen units sold at a median price of $3.165 psf, based on transactions done over the past three months from June to end August. This is 27% higher than the $2,490 psf paid for by Keng Leong for its en bloc purchase of 21 Anderson.
Prices at Nouvel 18 ranged from $2,843 psf for a 1,539 sq ft, two-bedroom, third-level unit; to $4,468 psf for a 1,582 sq ft, three-bedroom unit on the 23rd floor. Developed jointly by City Developments Ltd and Wing Tai Holdings, Nouvel 18 has two 36-storey towers designed by Pritzker Prize winning French architect Jean Nouvel. Located at 18 Anderson Road, Novel 18 was completed in 2014.
The biggest unit transacted at Nouvel 18 this year was for a 2,820 sq ft, four-bedroom unit on the 34th floor which fetched $9.7 million ($3,441 psf), according to a caveat lodged at the end of August.
Kheng Leong has made its presence felt in the luxury market in recent years. It paid $411.6 million for the 45 remaining units at The Nassim from CapitaLand back in early 2017. Based on the strata area of 16,446 sq m (177,025 sq ft) for the 45 units, the purchase price worked out to $2,325 psf.
The Nassim is a 55-unit, five-storey freehold condo located at 18 Nassim Hill in prime District 10. A redevelopment of the former ANA Hotel by CapitaLand, it was designed by Singapore-based, acclaimed architect Mok Wei Wei of W Architects and completed in 2015. (See: Discover insightful data of any Singapore condominium with our condo directory)
After its bulk purchase of the 45 units in January 2017, Kheng Leong had undertaken asset enhancement works to the swimming pool and landscaping around it. Following its acquisition, Kheng Leong has been selling units at an average price of $3,109 psf since May 2017.
Over the past 12 months from June 2020 to June 2021, units sold at The Nassim had ranged from $14.88 million ($2,450 psf) for a 6,060 sq ft unit on the first level to $12.5 million ($3,807 psf) for a 3,283 sq ft, three-bedroom-plus-family apartment on the second floor.
The $3,807 psf achieved in June 2021 is the highest in terms of recorded psf price achieved at The Nassim since June 2018, when a 1,927 sq ft, three-bedroom unit fetched $7.6 million ($3,964 psf).
Kheng Leong’s luxury 59-unit condominium 15 Holland Hill has sold 20 units (34%) since its launch in April last year. Average price achieved for the freehold development in the prime District 10 project at Holland Hill is $2,968 psf to date.
The highest price achieved is for the latest unit sold at $13.66 million or $3,496 psf, according to a caveat lodged in early September. It was for a 3,907 sq ft, four-bedroom unit on the 11th floor of the 12-storey development, and is likely to have set a new benchmark for the Holland neighbourhood.