Macly buys five terrace houses in Guillemard

Jun 4, 2018

Macly Group is buying five terrace houses in the Guillemard Road/ Lorong 28 Geylang locale for $20.55 million.

The five two-storey properties - comprising 331, 333, 335 and 339 Guillemard Road and 56 Lorong 28 Geylang - sit on a total freehold land area of 12,839 sq ft.

The price works out to around $700 per square foot per plot ratio. Under the Urban Redevelopment Authority's Master Plan 2014, the land is zoned for residential use with 2.8 plot ratio (ratio of maximum gross floor area to land area).

"We have approval to redevelop the site into a part-eight storey, part-five storey project with 47 apartments. We plan to begin redevelopment in the first half of next year," Macly Group managing director Herman Chang said.

Macly is making the acquisition through a fully-owned subsidiary.

The five terrace houses were bought through a private treaty deal, with the transaction due to be completed in mid-June.

The group's other recent acquisitions include nine single-storey shophouses at the corner of Telok Kurau Road and Changi Road.

An outline planning permission has been obtained to redevelop the site into a five-storey residential development with attic, that will house 46 residential units, seven shops, a basement carpark and a rooftop pool.

Set up in 1987, Macly has developed residential and commercial projects in Singapore.

It has also teamed up with mainboard-listed Roxy-Pacific Holdings for various projects, including Infinitum in Kuala Lumpur, which comprises 723 small office, home office units and 31 shop units.

Macly also owns boutique hotels. Its Cara Cara Inn in Kuta, Bali, opened last October. It will open Lloyd's Inn in Seminyak, Bali, later this year. Its Lloyd's Inn (Singapore) is already operating.