A 15-storey serviced apartment development located next to Health City Novena was sold by TA Realty Pte Ltd, a wholly-owned subsidiary of TA Corporation Limited, for $86.5 million to RL Shan Pte Ltd a joint venture between RL Properties Pte Ltd (a wholly owned subsidiary of Roxy-Pacific Holdings Ltd) ,Macly Capital Pte Ltd and LWH Holdings Pte Ltd..
Currently known as ‘12 On Shan’, the 78-unit freehold building was completed in 2018 with a gross floor area of 68,048 sqft. It features a combination of studio, one and two-bedroom apartments, some of which are dual-key units. The sale price reflects an average rate of about $1.1 million per unit. All the apartments are fully fitted and furnished.
Delasa, which brokered the sale, was appointed by the vendors to run a marketing campaign for the property last year. Mr Karamjit Singh, chief executive of Delasa said, “The property had attracted interest from a wide-ranging profile of buyers. This property was uniquely positioned as an income generating asset while feeding well into the strong overall private residential market. It was found to serve well as a form of landbank with its freehold tenure for future redevelopment. It is also one of the very few serviced apartment developments offered for sale, which appealed to investors who are confident with the recovery of the travel and hospitality sector post-pandemic”.
The purchasers are understood to be looking to maintain the serviced apartment operations.
Located a short walk to the Novena MRT station and premium private healthcare providers like Mount Elizabeth Novena Hospital, Tan Tock Seng Hospital and the neighbouring cluster of specialist medical centres, 12 On Shan is the only full-fledged serviced apartment building located within the immediate vicinity of the fast developing 17-hectare Health City Novena.
“Now that travel restrictions are being eased and with the opening of international borders, Singapore’s hospitality assets would stand to benefit from the resumption of leisure and medical tourism,” said Mr Singh.