JV pays $390m for Singapore parcels
Chip Eng Seng Corp., KSH Holdings and Heeton Holdings have paid S$487.1 million, or S$1,300 per square foot ($390.17 million/$1,066 per square foot), for Fernvale Road parcels A and B in Sengkang, a Singapore suburb. The seller was Singapore's Urban Redevelopment Authority.
The joint venture is developing two condominium projects with 700 units planned for each parcel. Chip Eng Seng holds a 60 percent interest in the partnership, while KSH and Heeton each hold 20 percent.
There has been an increase in residential transactions after prices moderated marginally, still creating a strong demand. The number of units launched increased for the first time to 2,843 units in the second quarter 2014, 44.8 percent higher than the 1,964 units