Auric Pacific acquires Bukit Timah Mansions

Auric Pacific acquires Bukit Timah Mansions

AURIC Pacific, part of the Lippo Group, said yesterday it has bought Bukit Timah Mansions through a $15.4 million en bloc sale. Auric did not give the site area but sources say it is about 20,000 sq ft.

Factoring in an estimated development charge of about $6 million, the acquisition price works out to a land cost of about $510 per square foot of potential gross floor area. The site is zoned for residential use with a 2.1 plot ratio (ratio of potential gross floor area to land area).

It can be developed into a smallish apartment project with about 35 units averaging 1,200 sq ft.

Bukit Timah Mansions, at 327 Bukit Timah Road, is between Balmoral Road and Keng Chin Road. The existing property is a seven-storey block with 10 apartments. There are also car parking lots and a swimming pool.

Auric is expected to redevelop the site as soon as it receives the necessary approvals. The company said the acquisition is in line with its diversification plans.

The group's existing core business is in food manufacturing, wholesale distribution of food and allied fast-moving consumer goods and investment holding. 

Auric has identified property investment, development, management and services and related activities in Singapore and abroad as an additional core business to boost profitability.

In May, Auric - which is perhaps best known for its Sunshine brand of bakery products - said it planned to buy Newton Heights, a freehold property.

Auric said then it would acquire a related company, HKCL Investments, which had signed an agreement in February to buy Newton Heights in a collective sale for $43.6 million.

The parent of HKCL is an associate of the Lippo Group, which in turn controls Auric.

Source: The Business Times – 29 Dec 2005