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CapitaLand

Stock Chart
Last Done 3.660
Change -0.020 (-0.54%)
Volume 6,351.7
Range 3.660 - 3.700

Kheng Leong buys property in Jalan Besar conservation area for S$38.71m

12 Jun 2019 09:00

The front and side of the building must be conserved. The rear can be extended up to six storeys, subject to URA approval. PHOTO: CBRE

By Kalpana Rashiwala

A FULLY-OWNED unit of Kheng Leong Company, controlled by banking tycoon Wee Cho Yaw, has bought a building near Lavender Street for S$38.71 million which it plans to turn into apartments, with commercial units on the ground floor.

No 2 Cavan Road has "conserved building" status and is within the Jalan Besar Secondary Settlement conservation area. It is zoned "residential with commercial at first storey" with 3.0 plot ratio - under the Urban Redevelopment Authority's (URA) existing Master Plan 2014 as well as the draft Master Plan 2019.

This means the property, which stands on a freehold land area of 20,100 square feet (sq ft), can have a maximum gross floor area (GFA) of 60,301 sq ft. The existing light industrial and warehouse property on site, which is understood to have been built in the 1950s, is underutilised.

The front and side of the building, which are part two-storey and part three-storey, have to be conserved. The rear, which is one storey, can be extended up to six storeys, subject to approval from the URA.


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Source: Business Times
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