02 Mar 2017
En bloc tender acquisition of all the strata lots and common property in the residential development at 8 Hullet Road, Singapore 229160
Norman Ho, Chou Ching and Marco Low acted for Hullet Development Pte. Ltd. in the en bloc tender acquisition of all the strata lots and common property in the development at 8 Hullet Road, Singapore 229160, for a total consideration of S$38.2 million from 2 companies incorporated in Jersey and Liberia respectively. The site is zoned "Residential" under the 2014 Master Plan, and lies within the Emerald Hill conservation area.
The transaction also involved banking facilities of more than S$45 million from a local bank to finance the acquisition of the land, the payment of the development charge to the Urban Redevelopment Authority, and the construction costs of developing a new residential project at the property. Cindy Quek acted for the bank in relation to the financing aspects of the transaction.
Rajah & Tann Singapore LLP will also be assisting in the termination of strata title, winding up of the Management Corporation Strata Title Plan No. 2721 and redevelopment of the property into a high-end residential project.