Tai Keng Court, a residential-cum-commercial redevelopment site in Upper Paya Lebar, has been sold to Kensington Village Pte Ltd, a joint venture company between Fragrance Group and World Class Land Ltd, for S$161.1 million. Jones Lang LaSalle (JLL) was the sole marketing agent for the property. The price tendered translates to around S$1,109 psf ppr, approximately 25 percent above the asking price. That meant each apartment owner will receive gross sale proceeds of S$1.88 million while shop owners will receive between S$2.19 million and S$2.55 million. Tai Keng Court is situated at the junction of Jalan Lokam and Upper Paya Lebar Road. It comprises of 56 apartments and 24 commercial shops located in three 3/4-storey walk-up blocks and has a total land area of 103,798 sq ft with a gross floor area (GFA) of up to 145,317 sq ft. This showed that developers have strong interest in this 99 years leasehold mixed development. Tai Keng Court was built in the early 70s sits on a large freehold site with a commercial component which has great convenience and frontage, and is long due for redevelopment. It is to be noted that the bids for this collective sale are very competitive and above the asking price.
Tai Keng Court is located near JTC's Paya Lebar iPark as well as to Serangoon and Bartley MRT stations. Reputable schools are also within the vicinity, including Maris Stella High Primary School, Paya Lebar Methodist Girls' School, The Australian International School and Stamford American International School.
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