Potential Buyer CDL Aries May Exercise Call Option to Acquire The Myst Condo Assets for $126.3 Million, According to Tan Chong International

CDL Aries, a joint venture between City Developments Limited (CDL) and Aries Investments Pte Ltd, has announced that it may exercise its call option to acquire the assets of The Myst condo for $126.3 million.

The announcement comes after the completion of a successful competitive tender process and due diligence by CDL Aries. In addition to the purchase price, CDL Aries also agreed to pay for the estimated costs of development and refurbishment of the property.

The Myst condo is a freehold residential property located on Cairnhill Road in District 09 of Singapore. The site has a total land area of approximately 40,000 square feet, with a gross floor area (GFA) of approximately 148,000 square feet.

The property is currently a single-storey condominium development with a total of 51 units. CDL Aries intends to redevelop the property into a modern luxury condominium development with a total of 135 units including two-storey penthouse units.

The redevelopment of the property is expected to be completed in the fourth quarter of 2021. Upon completion, the property will be marketed as a luxury condominium development with the potential to appeal to a variety of buyers, including investors and owner-occupiers.

The redevelopment of The Myst condo is expected to add significant value to the real estate market in the area. The project is set to be one of the most luxurious condominium developments in the district, with top-notch facilities and amenities.

CDL Aries has also identified that the property has strong potential for rental yield and capital appreciation. This is due to its strategic location within close proximity to the Central Business District, Orchard Road and the upcoming Great World City MRT station.

Commenting on the acquisition, Mr. Kwek Leng Beng, Executive Chairman of CDL, said: “This is an exciting opportunity for CDL Aries to acquire a prime piece of Singapore real estate. Our expertise in developing luxury condominiums and our strong track record in delivering high-quality projects will ensure that The Myst condo will be a development of the highest standards.”

He added: “We are confident The Myst that the demand for luxury homes in the area will continue to remain strong, and that The Myst condo will be a desirable residential property for investors and owner-occupiers alike.”

The acquisition of The Myst condo is part of CDL Aries’ strategy to acquire and develop prime residential properties across Singapore. The joint venture was formed in 2018 as a partnership between City Developments Limited, Singapore’s largest property developer, and Aries Investments Pte Ltd, a real estate investment firm.

CDL Aries currently has an established portfolio of residential and commercial properties in Singapore, and is actively looking for opportunities to expand its portfolio in the region. The acquisition of The Myst condo will be a significant addition to its portfolio of residential properties.

Singapore property giant City Developments Limited (CDL) Aries may exercise its call option to acquire the assets of The Myst Condo for $126.3 million from Tan Chong International (TCI). According to TCI, the acquisition of the two adjoining plots of land at 798 and 800 Upper Bukit Timah Road in northwest Singapore’s Tan Chong industrial park is part of CDL’s effort to rejuvenate the Bukit Timah area.

This move is significant for CDL as it is their first foray into the Bukit Timah area, which has been regarded as a desirable location for residential development in Singapore. The acquisition of the two plots of land is a step in the right direction for CDL as it will allow them to capitalize on the area’s current development plans, such as the Railway Corridor development and the Beauty World rejuvenation plan.

The two plots of land for The Myst Condo 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. With the acquisition of the Upper Bukit Timah site, CDL Aries is well-positioned to take full advantage of the various developments and rejuvenation plans that are being implemented in The Myst Condo area. 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 is located near to Bukit Panjang Integrated Transport Hub, where there are plenty of amenities for the residents to use. The location is close to Bukit Panjang MRT Station, Segar LRT station, and Bukit Panjang Bus Interchange. It is also conveniently located near to the nearby Hillion Mall, Bukit Panjang Plaza, and a number of schools. The location also offers easy access to the rest of the Singapore.

In addition to the amenities listed above, The Myst Condo is a 10 minute walk to the nearest MRT station and several shopping malls. The location is also close to several parks and recreational areas, such as Bukit Panjang Park, Chestnut Nature Park, and Zhenghua Park. The Myst Condo is also conveniently located near to a number of medical facilities, such as the Bukit Panjang Polyclinic, 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.

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. CDL can also take advantage of the green spaces and rejuvenation plans in the area to create a residential project that enhances the neighbourhood and provides residents with a pleasant living experience. The Myst Condo location allows for easy access to the rest of the Singapore, as well as the convenience of having various amenities within walking distance.

With the acquisition of the two plots of land for S$126.3 million, CDL Aries is well-positioned to take full advantage of the various developments and rejuvenation plans that are being implemented in The Myst Condo area. CDL will be able to create a residential project that can provide Singaporeans and investors with a highly sought-after address, thanks to the prestige and convenience of the area. For investors, the acquisition of the two plots of land presents an opportunity to benefit from the potential of a new condominium tower in the up-and-coming residential area of Upper Bukit Timah.