The Myst

30/05/2023

[𝗘𝘅𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁 𝗯𝘆 𝗖𝗗𝗟]
𝗧𝗵𝗲 𝗠𝗬𝗦𝗧 𝗟𝗮𝘂𝗻𝗰𝗵𝗶𝗻𝗴 𝗼𝗻 𝟮𝟰 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟯!

Singapore-listed property group City Developments Ltd (CDL) announced on 19 May that it would launch The Myst, a new 99-year leasehold, 408-unit project at Upper Bukit Timah Road sometime in 2023. This private condo is within a five-minutes walk of the Cashew MRT station on the Downtown Line.

TAN Chong International's indirect wholly-owned subsidiary has granted a call option to a unit of City Developments (CDL) to purchase its property, plant and equipment for S$126.3 million, announced the auto dealer.

Based on an Acra filing seen by The Business Times (BT), the potential buyer CDL Aries is owned by CDL's subsidiary, CDL Constellation.

An option fee of some S$6.3 million or 5 per cent of the consideration is payable to Tan Chong should CDL Aries decide to exercise the call option, with a remaining S$120 million to be paid upon completion of the transaction.

Located at 798 and 800 Upper Bukit Timah Road, the sale assets comprise an aggregate site area of 16,630 square metres (sq m), the buildings on the site, as well as their fixed plant and equipment including all fixtures, lifts, and air conditioning units.

The collective fair value of the assets amount to S$95.9 million as at end-June, 2021.

Existing tenancies are due to expire on Mar 31, 2022 and come with an aggregate monthly rent of S$49,776.