Judul : Palm Oil Tycoon's Firm Sells Singapore Bungalow Site for $268M
link : Palm Oil Tycoon's Firm Sells Singapore Bungalow Site for $268M
Palm Oil Tycoon's Firm Sells Singapore Bungalow Site for $268M
Perennial Holdings, a company in the healthcare and real estate sectors co-owned by palm oil magnate Kuok Khoon Hong, is putting up a property in Singapore for more than S$350 million (US$268 million), stepping away from previous intentions to develop high-end bungalows.
The land, covering 752,014 square feet (69,864 square meters), was acquired in 2020 by Perennial and Kuok for S$280.9 million, with intentions to construct the largest group of leasehold Good Class Bungalows in Caldecott Hill, an area primarily consisting of freehold GCBs.
Documents indicate that Perennial holds 40.2% of the land, while Kuok possesses 50%, with the rest owned by Perpetual Capital VCC, an organization supported by a Southeast Asian sovereign wealth fund. Kuok and his Singapore-traded food company, Wilmar International, collectively own almost half of Perennial's shares.
"We had initially intended to redevelop the area to construct substantial Good Class Bungalows (GCBs," a representative from Perennial stated on Wednesday, as reported byThe Business Times.
By shifting our focus to a healthcare-oriented approach (alongside healthcare-related real estate), we are putting the site up for sale to redirect resources toward our primary business.
GCBs are the most sought-after form of property ownership in Singapore. These residences are limited to specific areas, requiring them to be built on plots of no less than 1,400 square meters and not exceed two levels, as per the Urban Redevelopment Authority's rules. Approximately 2,700 GCBs are spread across 39 designated zones throughout the city-state.
 |
| The Caldecott Hill location that once accommodated broadcaster Mediacorp. Image sourced from the W Residences Singapore - Marina View website. |
The Caldecott Hill development was previously home to local media company Mediacorp, whose buildings have now been torn down. Unlike most mansions in Singapore that are freehold and thus more appealing to the affluent, this property is leasehold and will revert to the government in 2093.
It was listed for sale with a suggested price of over S$350 million, with real estate firms Savills and Delasa named as co-marketing agents for the interest expression process, which will conclude on January 15, 2026.
The site is currently designated for "civic and community institution" purposes, and a land improvement fee of S$250 million must be paid to reclassify it for residential use and extend the lease to 99 years. This increases the overall cost to approximately S$600 million, or around S$798 per square foot (US$6,606 per square meter) on average.
Perennial had previously suggested constructing a senior and support-living complex along with a park on the property, but the URA dismissed the proposal in 2024. The previous owner's attempt in 2015 to develop a 550-unit condominium was also rejected, as reported.Bloomberg.
Officials have indicated that they will only back the construction of two-story bungalows on the property. The location can hold over 60 such bungalows, with each requiring a minimum plot area of 800 square meters, as stated in an initial approval granted to Mediacorp.
Eugene Lim, a senior executive at property agency ERA Singapore, mentioned that the site's 99-year leasehold period is expected not to discourage interest, due to its position in one of the city's most sought-after residential areas.
"Under a leasehold ownership, it is expected to be more affordably priced compared to similar freehold properties in the same region," he stated.The Straits Times.
Known as the "Palm Oil King," Kuok co-founded Wilmar in 1991 and transformed it into one of the largest palm oil producers globally. He and his family were ranked 14th onForbesA list of Singapore's 50 wealthiest individuals and families in September, with a net worth of US$3.9 billion. He is also the nephew ofMalaysia's wealthiest entrepreneur, Robert Kuok.
Thus the article Palm Oil Tycoon's Firm Sells Singapore Bungalow Site for $268M
You are now reading the article Palm Oil Tycoon's Firm Sells Singapore Bungalow Site for $268M with the link addresshttps://www.unionhotel.us/2025/11/palm-oil-tycoons-firm-sells-singapore.html
0 Response to "Palm Oil Tycoon's Firm Sells Singapore Bungalow Site for $268M"
Post a Comment