Consortium Aims for Prestigious Bukit Timah Land

Charoen Sirivadhanabhakdi, Thailand’s third-wealthiest billionaire, alongside Japan’s Sekisui House and CSC Land, has made a staggering $380 million bid for a prime 99-year leasehold land lot in Singapore’s prestigious Bukit Timah area. This move underscores the high stakes in Singapore’s luxury property market.

Transforming Singapore Turf City

The land, part of the soon-to-close Singapore Turf City horse racing track, is set for a major urban transformation. Spanning 13,500 square meters, it promises to host 380 condominium units, marking a significant development in the area.

High Demand and Potential

Leonard Tay of Knight Frank highlights the site’s desirable location near Sixth Avenue MRT station, predicting strong interest from owner-occupiers familiar with Bukit Timah’s charm. With potential prices reaching SGD3,200 per square foot, the project is poised to set new benchmarks.

Future Developments

CBRE’s Tricia Song and PropNex’s Wong Siew Ying outline a promising future for Bukit Timah Turf City, including up to 20,000 homes and preserved heritage buildings, signaling a vibrant community ahead.

Charoen’s Expanding Portfolio

Charoen’s Frasers Property is aggressively expanding in Singapore’s luxury sector, with recent projects like the redevelopment of a serviced apartment near Raffles Place into a mixed-use complex. With a net worth of $10.6 billion, Charoen’s influence in the property and beverage industries continues to grow.