Roxy-Pacific bags Harbour View Gardens for $33m

http://www.businesstimes.com.sg/arch...ew-gardens-33m

Published July 26, 2012

Roxy-Pacific bags Harbour View Gardens for $33m

By Mindy Tan


ROXY-Pacific Holdings Limited, through its wholly-owned subsidiary RH West Coast Pte Ltd, has acquired the freehold residential development Harbour View Gardens for $33.0 million.

This translates to some $766.7 per square foot per plot ratio (psf ppr), based on the site area of 30,745 sq ft.

Under the 2008 Master Plan, the site is zoned for "residential" use, with a gross plot ratio of 1.4.

The existing three-storey residential development, which is located at 211/A to 223/A Pasir Panjang Road, comprises 14 units - seven maisonettes with an average floor area of 2,411 sq ft each and seven walk-up apartments with an average floor area of 1,195 sq ft each.

According to Roxy-Pacific's executive chairman Teo Hong Lim, the company is looking to build a five-storey apartment project, which will have some 55 units.

"The West Coast/Pasir Panjang strip has seen less en bloc opportunities, and not many developers are holding land in that area anymore, so we thought it's a good opportunity," noted Mr Teo.

In June, Roxy-Pacific acquired Westvale Condominium (at 334 Pasir Panjang Road) for $77.5 million. The freehold residential site has a total land area of 62,710 sq ft, and an existing plot ratio of 1.4.

Following the acquisition of Harbour View Gardens, RH West Coast intends to enter a joint venture agreement with Macly Equity Pte Ltd, Rich-Link Development Pte Ltd, and Ken Yeo Aik Hui for the purpose of the purchase and development of the site, said Roxy-Pacific Holdings in a statement.

Macly Equity, whose shareholders comprise Chang Yao Wah and Teo Wun Khi, will hold a 45 per cent stake in the JV; Rich-Link which is controlled by Kang Yee Yin, Bai Fengmei and He Xiaocong will hold 8 per cent; and Ken Yeo will hold 2 per cent. RH West Coast will hold the remaining 45 per cent stake.