Peak Court sold 12.15% above asking price at $118.88m

The property can be redeveloped into an upscale resort-like boutique condominium project with 106 units.

Peak Court has been sold en bloc for $118.88m of $1,558 psf ppr, 12.15% above the asking price of $106m, to a joint venture between Tuan Sing Holdings and Rich Capital, Edmund Tie & Company (ET&Co) said.

According to an announcement, the subject property has a land area of approximately 5,328 sqm (57,350 sqft) and is zoned for residential use at Gross Plot Ratio of 1.4 under the URA Master Plan 2014. 

“The site is ideal for redevelopment into an upscale resort-like boutique condominium project with about 106 units. It also overlooks a two-storey landed enclave, which provides unobstructed panoramic views of the surrounding area,” it said.

“With the Novena MRT station a short distance away, the property also enjoys excellent connectivity to other parts of Singapore via major roads and expressways such as the main Thomson Road, Balestier Road, and the Pan Island Expressway (PIE),” it added. 

According to Hamish Macalister, chairman of Peak Court’s collective sale committee (CSC), they were able to gain 100% owners’ consent.

Norman Ho from Rajah & Tann Singapore, the acting solicitor for the collective sale of Peak Court said, “The bids we saw for this property were competitive. The owners of Peak Court were very decisive and we are glad the buyers were also equally forthcoming.”