S P Setia awarded tender for Toh Tuck Road site, set to launch in 2018

PETALING JAYA (April 18): S P Setia Bhd, via its subsidiary S P Setia International (S) Pte Ltd, has been awarded the tender for Singapore’s Toh Tuck Road site by Singapore’s Urban Redevelopment Authority (URA), marking the developer’s third project on the island.

“We are pleased to be awarded the tender of this site by the URA [of Singapore]. Singapore is one of our key overseas markets and we will continue to strengthen and grow our brand presence here.

“S P Setia forayed into Singapore in 2012 with 18 Woodsville, a freehold condominium located next to Potong Pasir MRT station and therefore launched Eco Sanctuary, a 483-unit condominium along Chestnut Avenue that enjoys lush views of the island’s central catchment nature reserve,” said S P Setia president and CEO Datuk Khor Chap Jen in a press statement.

He added that both 18 Woodsville and Eco Sanctuary were launched and completed and the developer is confident that this new development in Toh Tuck Road site will be an “attractive proposition for homebuyers and investors alike”.

S P Setia’s successful bid of S$265 million (RM835.86 million) for Toh Tuck Road site represents S$939 psf of gross floor area (GFA) for a site area of 4.6 acres and a plot ratio of 1.4.

Set to be launched in 2018, the site will be transformed to a 5-storey condominium with total GFA of 282,122 sq ft worth S$457 million in GDV. It will house 327 apartments that are within walking distance to Beauty World MRT station.

“The 5-storey condominium planned for this site will continue to showcase Setia’s strengths in eco-themed developments.

“This will be a new concept condominium with modern resort-style facilities and thematic landscaping to create a bespoke sanctum for our discerning residents,” said S P Setia deputy president and chief operating officer Datuk Wong Tuck Wai.

According to S P Setia, the site is accessible to other parts of Singapore via the Pan Island Expressway and Bukit Timah Expressway.

It is also close to amenities such as Beauty World Centre, Bukit Timah Shopping Centre, Bukit Timah Plaza, West Mall and The Grandstand, Holland Village, Rochester Park, Bukit Timah Primary School, Pei Hwa Presbyterian Primary School, Yusof Ishak Secondary School and Hwa Chong Institution.

Tertiary institutions in the vicinity include Ngee Ann Polytechnic, Singapore Polytechnic, Singapore University of Social Sciences (formerly known as UniSIM) and the National University of Singapore.