08 Jun '11, 1pm

(CNA|sg|biz) Late Choa Kim Keat's villa sold

SINGAPORE: The historical beachside villa of the late Choa Kim Keat has been sold to Far East Organization for S$103.8 million. In a statement, marketing agent Credo Real Estate said the deal was undertaken by Orchard Mall, a member of the Far East Organization. The single-storey conservation house built in 1898 was put up for sale last month and received five submissions during the tender exercise which closed Monday. Credo Real Estate managing director Karamjit Singh said: "The market for such sites with unique attributes is strong. "Aside from its historical background, it is in a convenient location with a shopping centre across the street. "The purchase price reflects a land rate in the region of S$1,195 psf ppr (per square foot per plot ratio), based on an allowable GPR of 2.166, including the bonus GFA from the conservation house. "This sale sets a new benchmark for...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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