The property is most likely to be redeveloped into a hotel as per buyer Royal Group
Sime Darby Property, BURSA Malaysia-listed group, confirmed the sale of its residence property with six-storey serviced features for S$92.71 million.
The development called Darby Park Executive Suites is located along Orange Grove Road.
Royal Group, a company by Asok Kumar Hiranandani and his heir Bobby, made the acquisition. The father-son tandem is currently unreachable for comment as of press time on Friday.
According to market watchers, the Royal Group is expected to consider the redevelopment of the prime district property and convert it into a hotel.
However, the plan is still subject to approval by authorities.
Royal Group is also the owner of SO Sofitel Singapore which situated in Robinson Road and The Singapore Resort & Spa Sentosa.
The completion of the Darby Park Executive Suites was approximately 25 years ago. Some of the nearby establishments include the Shangri-La Hotel and Shangri-La Apartments.
The site is on a 36,311 sq ft property, holding a balance lease of 73 years.
The project currently holds residential use zoning according to the 2014 Master Plan of the Urban Redevelopment Authority. It features 1.6-plot ratio. Plot ratio means that it is the ratio of maximum gross floor area to land area.
The present gross floor area of Darby Park Executive Suites is 56,231 sq ft. it is 1.55 times its land area. Moreover, it has 75 services apartments with single deluxe bedrooms and units with one-bedroom and two-bedroom features.
Some facilities include a tennis court, swimming pool, sauna, and gym.
Based on the strategy of Sime Darby Property, the sale is to separate from the hospitality assets, which are already in Vietnam, Singapore, and Australia by December 2019.
The Darby Parks Executive Suites net book value of RM74.7 million or S$24.5 million by 30 June 2018 is reflected at the latest annual report of the group.
CBRE marketed the sale of the property according to the news, using a private expression of interest exercise, pending for closure in May of the current fiscal year.