The 336 RV collective sale and acquisition is final. This pertains to the purchase of 27 out of 28 residential units located on the former AA Centre’s upper floors. (7 to 14)
Far East Organization confirmed the additional acquisition to its title after confirmation of its ownership of units in the 14-storey freehold building.
They had previously bought the first 6 levels of the Commercial building which known as AA Centre in 2013. Now it is renamed to 336 RV.
The organization spent S$124.10 million for the collective acquisition of the 27 units, which are strategically located at the River Valley.
The purchase includes 4 penthouses and 23 apartments. The sale price covers the total strata area of around 48,222 square feet for $2,574 psf.
Upon finalization of the deal, Far East Organization will own all units except for one in the 336 River Valley Road building.
Property agency, Richmond Capital Investments, brokered the 27-unit sale, tendered the process and sealed the deal through private negotiation.
Different individuals owned the 28 residential units located on the 7th and 14th floors before Richmond Capital Investments launched the bulk acquisition of the 22 residential units.
The tender exercise took place in May 2018, during which the sale and approval of the last six units was still pending because of the tender close.
The Automobile Association of Singapore (AAS) transferred its headquarters to Kallang Bahru in November 2013.
FAR East finalized its payment to AAS with a total amount of $61.8 million or roughly $1,112 psf per 55,574 square feet strata. This covers the area for the 1st to 6th floors.
There were five parties that expressed interest for the acquisition during the sales period, which ended in 2012 but FAR East made the highest bid.
Moreover, the price surpassed the AAS independent valuation. The decision of the AAS to sell the 28 residential units centered on the funding of the headquarters’ redevelopment in 1984.
Owners of the 28 units decided to make a collective sale in 2012, asking for $100 million of approximately more than $2,000 psf for the strata area.
Consequently, there was no recorded sale for any of the units due to non-compliance with the objectives.
FAR East, the current owners of the residential units, presently utilizes the building’s first three levels as offices.
A recreation floor is complete with a swimming pool and a gymnasium at the fourth level while 32 service apartments were on the 5th and 6th floors.
The building site measures approximately 33,751 sq ft.
The Master Plan 2014 of the Urban Redevelopment Authority stated that the location has a 2.8 plot ratio. The total gross floor area ration of the 14-storey building is much higher or approximately 3.78.
FAR East Organization manager Philip Ng expressed that the organization did not have current plans of using the property with plans of long-term investments.
Based on the professional opinions of market watchers, FAR East could inspect and lease out the 27 apartments along with the 32 serviced apartments it has earlier purchased as part of its short-term investment.
Another ownership of the organization is the 70,637 sq ft freehold site located next door. It is the present location of a gallery highlighting some of the organization’s projects.
The location of the 336 RV is within Core Central Region at 336 River Valley Road, Prime District 9 Singapore
AA Centre is the former name of 336 RV. It is a commercial building with a total of 60 residential units
FAR East purchased 27 units with a total strata area of 48,222 square feet
The location of the residential units is primarily the 7th to 14th levels of the building
In 2013, FAR East Organization acquired the 1st to 6th floors of 336 RV
The finalization and confirmation of the collective sale is through the effort of marketing agent Richmond Capital Investments
Pacific Mansion is across the District 9 freehold property. It was sold in March 2018 for S$980 million
The sale was en bloc due to the fact that a group of owners or people collectively decided on selling their properties
The Somerset MRT station is just minutes away from the freehold property
It is strategically close to the business hubs particularly the Marina Bay, Orchard Road, and Central Business District
336 RV has a remarkable location, particularly in close proximity to the Prime District 9, which is near the attractions and amenities that are just within reach
The commercial building is complete with the basement car park. The total lots within the building is 90 overall.