Entities controlled by Singapore property tycoon Kwek Leng Beng and his Malaysian billionaire cousin Quek Leng Chan have joined forces for the $980 million purchase of a freehold site in Singapore's upscale River Valley precinct.
Their acquisition of Pacific Mansion in District 9 marks the biggest collective sale in more than a decade and the second-highest on record, according to CBRE, which brokered the deal.
Singapore-listed GuocoLand, controlled by Mr Quek, announced yesterday that it has successfully tendered for the site with Intrepid Investments and Hong Realty.
GuocoLand and Intrepid Investments each hold a 40 per cent stake in the project, while Hong Realty owns a 20 per cent interest.
The latest deal marks the largest transaction in the current collective sale cycle, exceeding Tampines Court's $970 million and Amber Park's $907 million, and is surpassed only by the sale of Farrer Court for $1.34 billion in 2007.
The Avenir Brief Details
|Project Name||The Avenir (formerly known as Pacific Mansion)|
|Address||8, 10 River Valley Close|
|Developer||Guocoland, Hong Leong Holdings & Hong Realty|
|Blocks / Storey||2 Blocks of 36 Storey|
|Total Units||376 Units|
The Avenir Location
Formerly known as Pacific Mansion (Enbloc), this new upcoming development is strategically located minutes stroll to Somerset MRT Station. It is in close proximity to Orchard Shopping Belt, Fort Canning Park, and the nightlife of Clarke Quay. There are several amenities close and transport easily accessible from here. Schools are for the most part a short ride away, for example, ISS International School, Overseas Family School, and Outram Secondary School.
Driving from here to either the Central Business District or the energetic Orchard Road shopping region takes simply over 5 minutes, by means of River Valley Road and Devonshire Road.The Avenir Location