Residential plots No. 10A and 10B Institution Hill were sold for $33.6m.
The consortium consisting of Macly Group, Roxy-Pacific Holdings, and LWH Holdings has acquired two residential plots located at No. 10A and 10B Institution Hill for $33.6m.
These properties have a 999-year leasehold tenure and are within the residential area of District 9.
Cushman & Wakefield brokered the sale. They were also the exclusive agents that handled the Expression of Interest.
According to Cushman & Wakefield's director of capital markets Christina Sim, there has been significant interest in properties located at districts 9, 10, 11, and in residential plots on the fringe of the Central Business District due to the scarcity of supply of small to mid-sized plots.
Sim added that there has been a hike in prices in neighboring areas, such as new strata units in 8 St. Thomas, The Avenir, and RV Altitude. Prices in these areas are now averaging at $2,700 psf and $3,000 psf.
Institution Hills is considered one of the best locations for both leisure and work. It is nearby Orchard Road, Clarke Quay, Robertson Quay, and River Valley precinct, which are known neighborhoods for entertainment, retail, and F&B outlets.
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