Macly Group purchases 5 terrace houses in Guillemard area

WED, MAY 23, 2018

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

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

The price works out to around S$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 founder and managing director Herman Chang told The Business Times.

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

The five two-storey terrace houses were bought through a private treaty deal; the transaction is due to be completed in mid-June.

Other recent acquisitions by the group include Riviera Point along Kim Yam Road (through a S$72 million collective sale) and nine single-storey shophouses at the corner of Telok Kurau Road and Changi Road, acquired for S$35.5 million. An outline planning permission has been obtained to redevelop the Telok Kurau 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 (SoHo) units and 31 shop units slated for completion in 2020.

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. "We also plan to open a Lloyd's Inn in Yogyakarta," said Mr Chang.

Its Lloyd's Inn Singapore, at the Lloyd Road and Oxley Road junction, is already operating . Macly is also developing a Lloyd's Inn in Kuala Lumpur, slated to open in 2019.