CDL Aries Eyes Acquisition of The Myst Condo Assets from Tan Chong International Subsidiary for $126.3 Million

CDL Aries, a subsidiary of Singapore-based developer City Developments Limited (CDL), recently announced its intent to acquire the assets of The Myst, a freehold condominium located in Singapore, from a Tan Chong International subsidiary for $126.3 million. The acquisition is expected to be completed in the first quarter of 2021, subject to the fulfilment of various conditions and the satisfaction of relevant regulatory requirements.

The Myst is a freehold condominium located in Singapore, with a total gross floor area of about 1,051,000 square feet. The property comprises two 24-storey blocks of residential units, with a total of 384 units, as well as a 2,400-square-metre basement car park.

The purchase of The Myst reinforces CDL Aries’ long-term commitment to the property sector in Singapore. As one of the largest property developers in the country, CDL Aries has a strong track record of creating high-quality properties, with a focus on innovation and sustainability.

This acquisition is the latest in a series of property investments made by CDL Aries in recent years. The company has been actively expanding its portfolio of residential and commercial properties, with a view to establishing a strong presence in the Singapore property market.

The acquisition of The Myst is expected to provide CDL Aries with a steady stream of rental income, as well as a foothold in the Singapore property market. The property is situated in an established residential estate, with easy access to amenities such as shopping malls, schools, and public transportation. With the acquisition, CDL Aries will be able to leverage its extensive experience and extensive network to further enhance the value of the property.

CDL Aries is also looking to capitalize on the resurgence in the Singapore property market. The property market has been on an upward trajectory since the start of 2021, with the number of transactions rising steadily. This is a positive development for CDL Aries, as it will be able to take advantage of the higher demand for property in Singapore.

The acquisition of The Myst is also expected to strengthen CDL Aries’ position as a major player in the Singapore property market. With its strong portfolio of residential and commercial properties, CDL Aries is well-positioned to capitalize on the current market conditions and to further enhance its presence in the Singapore property market.

CDL Aries’ acquisition of The Myst is also expected to provide the company with increased operational flexibility. By owning the property, CDL Aries will be able to better control the rental income and capital expenditure associated with the property. This will enable CDL Aries to better manage the long-term performance of The Myst and to maximize the value of the property.

Overall, CDL Aries’ acquisition of The Myst is expected to be a strategic move for the company. With its strong portfolio of residential and commercial properties and its commitment to innovation and sustainability, CDL Aries is well-positioned to capitalize on the current market conditions and to further enhance its presence in the Singapore property market.

City Developments Limited (CDL) Aries, a subsidiary of the largest non-government-controlled developer in Singapore, has secured the right to two adjoining plots of land at 798 and 800 Upper Bukit Timah Road in northwest Singapore’s Tan Chong industrial park. The acquisition of the two plots of land for S$126.3 million ($92.5 million) is a move that could be the start of a new residential project in the area, and a major venture for the developer.

The Myst Condo, a 16,620 square metre (178,900 square foot) property is zoned for residential use with a plot ratio of 2.1 and the developer is permitted to build a project up to 24-storeys in height on the prime plot. CDL Aries will take full advantage of the various developments and rejuvenation plans that are being implemented in The Myst Condo area and leverage on the green spaces and rejuvenation plans in the area to create a residential project that enhances the neighbourhood and provides residents with a The Myst pleasant living experience.

The location of The Myst Condo is near to Bukit Panjang Integrated Transport Hub where there are plenty of amenities for the residents to use. Living at The Myst Condo Near to Bukit Panjang Transport Hub means convenience and flexibility for multigenerational families. The Myst Condo location is close to Bukit Panjang MRT Station, Segar LRT station, and Bukit Panjang Bus Interchange. Getting to your favorite spots is a breeze with its plethora of public transportation services. Bukit Panjang Integrated Transport Hub is the 9th Integrated Transport Hub in Singapore. The Myst Condo is connected to the nearby Hillion Mall.

There are a number of schools within a short walking distance of The Myst Condo. Those with young children can benefit from the nearby De La Salle School. This property offers convenient access to all types of educational facilities. There are also many international schools in the area. In addition to the amenities listed above, The Myst Condo is a 10 minute walk to the nearest MRT station and several shopping malls.

Residents can visit nearby restaurants and shopping malls for a meal out. Alternatively, the nearby MRT stations include Jelapang MRT, Choa Chu Kang MRT, and Yew Tee MRT. You can also opt to take advantage of the free shuttle bus service offered by the developer to the Bukit Panjang Downtown MRT. If you’re looking for a convenient location, The Myst Condo offers an abundance of public transportation. You can reach both Bukit Panjang MRT Station and Hillview MRT Station within a half-an-hour walk. The closest bus stops are Bef Chestnut Avenue, Bukit Panjang Road, and Upper Bukit Timah Road. You can also reach Orchard Road and the Central Business District within 25 minutes.

Located near to The Myst Condo at Bukit Panjang, the Zhenghua Nature Park skirts Central Catchment Nature Reserve and serves as a green buffer for the reserve. The park is a good place to see several different species of birds, as well as squirrels, monitor lizards, and long-tail macaques. Whether you’re on foot or riding your bike, the trails offer the perfect combination of challenging terrain and gentle slopes.

The Myst Condo provides its residents with access to a wide range of amenities and activities. There are a variety of shops, restaurants, and other services located within walking distance of the property. Residents can also take advantage of the nearby Bukit Panjang Plaza, which offers a variety of services and entertainment options. Some of the most popular attractions include the shopping mall, the cinema, and the food court. The Myst Condo is also located close to a number of parks and recreational areas. Residents can enjoy the beauty of Bukit Panjang Park, Chestnut Nature Park, and Zhenghua Park. There are plenty of trails for walkers and cyclists to explore, as well as playgrounds and other recreational facilities. Residents can also enjoy the nearby Bukit Panjang Swimming Complex, which features an Olympic-size pool.

The Myst Condo is also conveniently located near to a number of medical facilities. The Bukit Panjang Polyclinic, which is located within walking distance of the property, offers a range of healthcare services. Other nearby medical facilities include the National University Hospital, the Sengkang Clinic, and the Tan Tock Seng Hospital.

The Myst Condo provides its residents with a number of transportation options. Residents can take advantage of the nearby MRT stations, bus services, and LRT services. The Bukit Panjang Bus Interchange offers a variety of buses that serve the area. Residents can also take advantage of the free shuttle bus service offered by the developer to the Bukit Panjang Downtown MRT.

The Myst Condo is the perfect home for families looking for a convenient and comfortable living environment. With plenty of public transportation, shopping, and recreational options, The Myst Condo is an ideal choice for those seeking a convenient living experience in Bukit Panjang. CDL Aries’ acquisition of the two plots of land for S$126.3 million ($92.5 million) is a move that could be the start of a new residential project in the area, and a major venture for the developer. With the potential of a new condominium tower in the up-and-coming residential area of Upper Bukit Timah, CDL Aries is in a prime position to leverage on the various development plans in the area to create a residential project that is highly sought-after by Singaporeans and investors alike.