Koh Brothers unit wins bid for Toho Mansion

Sat, Mar 10, 2018

Navin Sregantan

KBD Ventures, a subsidiary of construction and property developer Koh Brothers, has won the en bloc tender for Toho Mansion on Holland Road for S$120.43 million, or around S$1,805 per square foot per plot ratio. The freehold site, with an area measuring 4,427.8 sq m and a plot ratio of 1.4, can be redeveloped to a project with potential gross floor area of 6,818.7 sq m, including a 10 per cent bonus balcony area, Koh Brothers said in a filing with the Singapore Exchange early on Friday.

Zoned for residential use under the Urban Redevelopment Authority's 2014 Master Plan, the plot enjoys enjoys a high development baseline, with no development charge to redevelop the site, said the marketing agent for the site, Edmund Tie & Company, on Friday.

Toho Mansion is a walk-up apartment complex with two four-storey residential blocks housing 32 apartments in all. It sits on an elevated site next to a Good Class Bungalow housing estate and is near the Holland Village Shopping Centre and Chip Bee Gardens.

The sale and purchase of the property is expected to be completed three months after the date of the acceptance.

Said Francis Koh, managing director and group chief executive of Koh Brothers: "We are excited to have won this prime and rare freehold site that is in the heart of the vibrant Holland Village lifestyle enclave."

KBD Ventures intends to redevelop the property, subject to obtaining the necessary approvals. Koh Brothers said the purchase would enable the group to expand its development portfolio in Singapore.

Mr Koh said: "We look forward to creating a fresh concept that will offer a seamless and integrated experience, with the great convenience and connectivity of this up-and-coming neighbourhood that has been earmarked by the government for a highly-anticipated makeover and expansion." He added that the Toho Mansion site would be the third site to be added to the company's land bank, "as we continue to prudently seek attractive development sites in choice locations".

"In view of the recovering residential sector in Singapore, we will monitor the market to launch the project at an opportune time to capitalise on the up cycle."

Edmund Tie & Company's senior director for investment advisory Swee Shou Fern said: "This is a very attractive site with many positive attributes such as the coveted freehold tenure, single ownership, prestigious Holland Road address, high development baseline and the convenience of Holland Village, Chip Bee Gardens and MRT station located right at its doorstep."

Koh Brothers shares ended S$0.005 or 1.5 per cent down at S$0.33 on Friday.