SINGAPORE (Apr 2): TSky Development is acquiring Cairnhill Heights in a collective sale for $72.6 million.

TSky Development is a 40:60 joint venture between Ocean Sky International and Tiong Seng.

Cairnhill Heights is a 19-unit residential development located at Cairnhill Rise in prime district 9, with a site area of about 1431.4 sqm. The site may be redeveloped into a residential development with about 42 units based on an average size of 95 sqm.

TSky Development will also set up a project company to undertake the redevelopment of the site.

The group intends to fund the acquisition via internal resources and/or bank borrowings.

The tender was launched in Dec 19, 2017 and closed on Jan 19.

Marketing agent Era Realty said the owners at Cairnhill Heights were asking for a price in excess of $80 million or about $2,045 psf per plot ratio, including estimated development charges.

Shares in Ocean Sky last traded at 1.5 cents of 18.75% higher at 9.5 cents, while shares in Tiong Seng last traded at at 38 cents on Thursday.