Lake Grande Jurong West Street 41 Investment Funding

In June of 2014 a joint venture between DB2 Group and Vibrant Group purchased the property next door from Mr. Cheong, 139 Cecil Street. The transaction for this 11 storey office block was valued at $110 million and had close to 66 years left on its original lease term for Jurong West Street 41 Condo.

According to previous articles published, control of these two Lake Grande investment buildings standing beside each other was gained by Mr. Cheong from Fission Group and Yi Kai Group not too long after the two joined up in order to acquire these two building for $100.8 million in July of 2009. At the time they had paid $65 million for the former Aviva Building and $35.8 million for Cecil House.

Lake Grande MCL Jurong

The price that Mr. Cheong paid to Fission and Yi Kai could not be determined by MCL Land New Condo market watchers due to the sale being done via the selling of shares. When provisional permission was granted by URA in June of 2010 for redeveloping these 2 properties into a new 227 unit residential project, Mr. Cheong’s name had already been noted as the only shareholder of the company that approval was granted to. The redevelopment project however, was never followed through by Mr. Cheong, who is a family member of those who developed International Plaza.

Jurong West Street 41 Condo

137 Cecil Street’s sale comes on the heals of the purchase of 158 Cecil Street for $240 million that occurred in late June. The 14 storey building was picked up by Denis Jen, who is a low profile investor and owns some shopping malls in Australia, from a fund that was being managed by Alpha Investment Partners in Jurong West, who are Keppel Land’s fund management sector.

The selling price comes out to around $2,100 per square foot when based on the net lettable area of the property, close to 115,000 square feet. New Condo at Jurong West is situated on a site that has close to 65 years left on its lease term. The property was formerly known as The Spazio and Dapenso MCL Land Building and had undergone a major revamping a few years ago.

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