Whitley Road freehold site acquired for $31 million

Heeton Holdings, KSH Holdings and Zap Piling will each own a minimum 30% stake in what could soon become a bustling residential hub.

The acquisition of the 21,900 sq ft Whitley Road site is in line with the joint-venture partners’ effort to strengthen their position in the mid-end private residential property market, according to a joint press release from the three acquiring companies.

Whitley Road has the potential to be redeveloped into a combination of landed homes such as terrace houses, semi-detached houses and/or bungalows without sacrificing land for roads due to the multiple frontage that it enjoys, the press release added.

Heeton and Zap Piling will each own 30% of the venture, while KSH Holdings will have a 40% stake of this project. The three acquiring companies have previously partnered one another in the acquisition and redevelopment of the MacPherson Green site, which is slated for launch in the coming months.

“The Whitley Road site is well-situated in a popular private residential estate, and is in close proximity to retail and dining outlets, as well as medical and educational institutions. We were also attracted by the fact that the site is a mere five-minute drive from Orchard Road,” said Mr Danny Low, COO and Executive Director of Heeton.

“We feel that this latest acquisition has good potential, considering its flexibility to be redeveloped into mixed landed homes. This should prove attractive to the market in view of relative scarcity of such developments, and the rising interest in such projects," said Mr Choo Chee Onn, Executive Chairman and Managing Director of KSH Holdings.

The freehold land parcel, located at Whitley Road in prime District 11, is zoned for 2-storey mixed landed residential units. The site, currently occupied by a single-storey bungalow and leased out to a kindergarten, is a stone’s throw from Novena Square and United Square shopping malls, Thomson Medical Centre and located near several branded schools including CHIJ Primary (Toa Payoh), Anglo-Chinese School (Primary), and Singapore Chinese Girls’ Primary School.

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