26/09/2018 - 15:55

Scarborough site sold for $25m

26/09/2018 - 15:55

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Singaporean group Chip Eng Seng Corporation has struck a deal to sell the White Sands Tavern development site near Scarborough beach for $24.5 million.

Scarborough site sold for $25m

Singaporean group Chip Eng Seng Corporation has struck a deal to sell the White Sands Tavern development site near Scarborough beach for $24.5 million.

The property, at 242 West Coast Highway, is a freehold development site with an area of 10,165 square metres, and is part of the Scarborough Redevelopment Precinct.

That means the new owner, who has not been named, will be able to build multiple towers to a height of 18 storeys.

CBRE said it was the last remaining large development site near Scarborough Beach.

It is located near Chinese group 3 Ocean’s planned Iconic Scarborough apartment/hotel development, and several recently built apartment buildings.

It is also a short walk from the recently upgraded Scarborough foreshore, where the state government's Metropolitan Redevelopment Authority has overseen a $100 million investment.

The sale was jointly brokered by CBRE’s Aaron Desange and Kate Foley and JLL’s Sean Flynn.

In an announcement to the Singapore stock exchange, Chip Eng Seng said the sale price was arrived at following internal evaluation and on a ‘willing-buyer, willing-seller’ basis.

Upon signing of the sale agreement, the purchaser will pay a deposit of $1.175 million with the balance payable upon completion on November 1.

Chip Eng Seng said the purchaser was not related to the company or any of its subsidiaries or controlling shareholders.

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