26th September 2018.
Sirona Capital’s South Perth development partner, a subsidiary of Singaporean construction and property behemoth Chip Eng Seng Corporation, has sold its Scarborough White Sands Tavern development site for $24.5 million.
The deal was brokered by CBRE’s Aaron Desange and Kate Foley and JLL’s Sean Flynn, with contracts exchanged last night. Mr Desange and Mr Flynn declined to reveal the identity of the buyer.
The 10,165sqm site at 242 West Coast Highway, consists of a rundown tavern and carparking.
The site is significant because it is within 150m of Chinese developer 3 Oceans Iconic Scarborough twin-towers development and directly across the highway from the highly rated Scarborough Beach Pool, perfectly placed to benefit from the $100 million Metropolitan Redevelopment Authority’s overhaul of the precinct.
In a statement to the Singaporean stock exchange, Chip Eng Seng Corporation executive chairman Raymond Chia Lee Meng said the purchaser was not related to the company or any of its subsidiaries or controlling shareholders.
“Part of the site is currently tenanted,” Mr Chia Lee Meng said, adding settlement was scheduled for November 1.
The site falls within the MRA’s redevelopment scheme area, with the bulk of the site assigned a height limit of up to 18 storeys (12 storeys plus bonus potential for up to six storeys) and another portion of the site at the rear assigned a height limit of up to 12 storeys (eight storeys with potential for another four) subject to conditions.
Preferred land uses are listed as restaurant, cafe, shop, community, office at ground level with upper level uses to include residential, hotel, service apartments and office.