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Tee Land buys Casa Contendere for $72m

Tee Land is buying the freehold Casa Contendere in Gilstead Road in a collective sale for $72 million.

The price works out to $1,638 per square foot per plot ratio inclusive of an estimated development charge of $15.1 million.

The District 11 estate in Gilstead Road has a land area of 37,972 sq ft and a 1.4 plot ratio.

Casa Contendere, which is near Newton MRT, is a four-storey block comprising 11 maisonette units. Owners will get from about $5.9 million to $7.5 million per unit. Keck Seng Group is understood to own six of the units.

Casa Contendere's collective sale was sealed through a private treaty deal brokered by William Gan Realty. As unanimous approval from the owners has been obtained, the deal will not be subject to approval by the Strata Titles Board.

Tee Land told the Singapore Exchange last night that it has entered into 11 option-to-purchase agreements to acquire the plot. - KALPANA RASHIWALA

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