Tan Chong International Subsidiary Offers The Myst Condo Assets For Sale to CDL Aries For $126.3 Million Including Fixed Plant and Equipment

Tan Chong International, a subsidiary of Tan Chong Motors, has announced the sale of The Myst condo assets to CDL Aries for $126.3 million. The sale includes the fixed plant and equipment located at the site with an estimated value of $4 million. The Myst, located at Choa Chu Kang Avenue 4, is a freehold development project comprising of 549 units in a mix of residential and commercial units.

The deal marks Tan Chong’s first foray into the residential property market in Singapore. It is also the first time that a subsidiary of the group has engaged in a sale and lease-back transaction. The sale is part of Tan Chong’s efforts to unlock value from The Myst its existing investments and diversify its portfolio.

CDL Aries is a wholly-owned subsidiary of City Developments Limited (CDL). It has been actively investing in the residential property market in Singapore over the past few years. It is well known for its range of residential development projects, including the successful launches of The Peak @ Cairnhill and The Crest @ Prince Charles Crescent.

The sale of The Myst condo assets marks the entry of CDL Aries into the Choa Chu Kang area. The group is looking to capitalise on the potential of the area, which has undergone significant urban renewal over the past decade. This includes the recent completion of the North South Corridor.

The sale of The Myst condo assets is expected to complete in the first quarter of 2021. Tan Chong International will continue to own the land, while CDL Aries takes over the operations and management of the development.

The development offers a unique lifestyle experience with a range of facilities, such as a pool, gym and clubhouse. It also features a range of retail and dining options, making it an attractive destination for both locals and tourists.

The sale of The Myst condo assets represents a significant milestone for Tan Chong International. It marks the group’s first foray into the residential property market in Singapore and is an important step in its efforts to unlock value from its existing investments.

CDL Aries is also pleased to be entering the Choa Chu Kang area, which has experienced significant urban renewal over the past decade. This sale is a testament to its commitment to the residential property market in Singapore.

The sale of The Myst condo assets is expected to be completed in the first quarter of 2021. It is a testament to Tan Chong International’s ability to unlock value from its investments and to CDL Aries’ commitment to the residential property market in Singapore. It will also be a welcome addition to the Choa Chu Kang area, which has undergone significant urban renewal over the past decade.

Tan Chong International (TCI), a subsidiary of Tan Chong Group, has recently put up its Myst Condo assets for sale to City Developments Limited (CDL) Aries for a total of S$126.3 million ($92.5 million). The acquisition includes the fixed plant and equipment that are associated with the development of the condominium project in Upper Bukit Timah, Singapore.

As one of the largest non-government-controlled developers in Singapore, CDL is well-positioned to take advantage of the various developments plans and rejuvenation plans that are being implemented in the area. The acquisition of the two plots of land for S$126.3 million ($92.5 million) is a strategic move that could lead to the creation of a new residential project in the up-and-coming Bukit Timah area.

Tan Chong International is a major automotive company in the region with an extensive portfolio of companies and subsidiaries, most of which are involved in the automotive industry. The company has a long-standing history of operations in Singapore, having been involved in the country since the 1960s. Besides its automotive interests, the company also has a number of investments in real estate, including the Myst Condo project.

In the past few years, Singapore has been looking to rejuvenate the Bukit Timah area with various development plans to improve connectivity and add more green spaces in the neighbourhood. These plans include the Railway Corridor development near The Myst Condo, which will see old railway tracks transformed into a community space, and the Beauty World rejuvenation plan, which is aimed at creating a green urban village.

The Myst Condo is a 16,620 square metre (178,900 square foot) property that 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 is well-positioned to take full advantage of the various development plans and rejuvenation plans that are being implemented in the area. 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.

The acquisition of the Myst Condo assets by CDL Aries is a smart move that will help the company 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. The Myst Condo offers unparalleled convenience for the residents given that the location is near to Bukit Panjang Integrated Transport Hub where there are plenty of amenities for the residents to use.

The assets for sale to CDL Aries include the fixed plant and equipment associated with the development of the Myst Condo project. This includes the land and the buildings, as well as the equipment used for the construction and development of the project. In addition, the sale also includes the related legal documents and the necessary permits for the development of the project, such as the planning permissions, building permits, and all other related regulatory permits.

The acquisition of the Myst Condo assets by CDL Aries is an important move that will help the company 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. With the potential of a new condominium tower in the up-and-coming residential area of Upper Bukit Timah, this move by CDL Aries is set to be a major venture for the developer.