Two residential plots at No. 10A and 10B Institution Hill have been sold to a consortium consisting of the Macly Group, Roxy-Pacific Holdings and LWH Holdings for $33.6 million. The sale was brokered by Cushman & Wakefield, who were the exclusive agents handling the Expression of Interest (“EOI”).
According to Ms Christina Sim, Director of Capital Markets at Cushman & Wakefield, there was keen interest in this plot as many developers are continuously looking to land bank to develop and sell. Interest in districts 9, 10 and 11 and those residential plots on the fringe of the Central Business District (CBD) are especially popular due to the scarcity of supply of small to mid-sized plots. The recent transacted prices in the vicinity have also taken a hike. New strata units in projects nearby like 8 St. Thomas, The Avenir and RV Altitude are averaging between $2,700 psf and $3,000 psf.
With the surrounding neighborhood of Orchard Road, Robertson Quay, Clarke Quay and River Valley precincts filled with a plethora of entertainment, retail and F&B outlets, Institution Hill is possibly one of the best locations to work, live and play.