The Continuum

Thiam Siew Ave New Launch by Hoi Hup Realty and Sunway Developments

Thiam Siew Ave Residences is a freehold residential development that is located in district 15. Through a public tender, this land site was sold for S$815 million and is developed by a joint venture between Hoi Hup Realty and Sunway Developments. The land parcel has the site area of 263,794 square meters, this transaction is considered as the largest land sale recorded in 2021 to date. It includes 22 lots of freehold residential development sites are zoned as “residential", with a plot ratio of 2.8 based on the 2019 URA Master Plan, and a selling price of 815 million Singapore dollars. The estimated development costs of S$284 million and the land price estimated at S$1,488 per lot (ppr). If the 7% balcony bonus is included (estimated development fee is around S$39.3 million), the final land price will be around S$1,440 pr. The development is expected to become a highly sought-after development that is developed by reputable developers in Singapore real estate market.

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ABOUT DEVELOPER

Two freehold sites at Thiam Siew Avenue, sitting between Haig Road and Tanjong Katong Road in prime District 15 in the east, were sold for $815 million to a joint venture between Hoi Hup Realty and Sunway Developments. The deal is the largest residential land sale since the July 2018 round of property cooling measures, when the government raised Additional Buyer's Stamp Duty (ABSD) rates and tightened Loan-to-Value limits. The developer and its long-term joint venture partner, Sunway Developments intends to redevelop the sites into two luxury high-rise condominiums with more than 800 units.