Sold for $65 millions

LUM Chang Holdings has sold all 16 units of its newly refurbished 2 Belmont for a total sum of about $65 million, BT understands. 
 
The price is said to be in the $1,600 to $1,700 per square foot range. 
 
Lum Chang bought the property, formerly known as Belmont Gardens , in 2006 for $22 million and has refurbished the apartments. At the time, the asset comprised 15 apartments but Lum Chang had said that it would convert a penthouse into two separate units. 
 
Now, the 16 units in the four-storey freehold property are being purchased by three Singapore-registered companies controlled by Indian investors. 
 
2 Belmont has a site area of about 54,800 sq ft, and is located in a designated Good Class Bungalow (GCB) Area. This means that if the property is completely torn down and the site redeveloped, it can be redeveloped only into GCBs, accommodating perhaps three bungalows at most given the minimum GCB plot size of 1,400 sq m (15,069 sq ft). 
 
‘So it made more sense for Lum Chang to refurbish the asset instead of redeveloping it,’ an industry observer suggested.