ROXY-Pacific Holdings has inked a deal to buy the freehold Jade Towers site at Lew Lian Vale off Upper Serangoon Road through a collective sale for $106.3 million.
The price for the 92,412 square foot site works out to about $807 per square foot of potential gross floor area assuming a new development is built up to the existing project's gross floor area (GFA) of 131,702 square feet. This works out to a gross plot ratio of about 1.425, exceeding the 1.4 indicated for the site under Master Plan 2008.
Savills Singapore, which brokered Jade Towers' sale through a private treaty deal, said that if Roxy builds an extra 10 per cent GFA as allowed for balcony space (which would then take the total GFA to about 144,872 sq ft), the unit land price would be lowered to $734 per square foot per plot ratio. No development charge is payable as the site has a high development baseline equivalent to a plot ratio of 2.35.
Roxy could redevelop the site into a new project with as many as 171 units based on an average unit size of 70 square metres or 753 sq ft GFA (excluding bonus GFA) as stipulated for sites zoned for residential use with a 1.4 plot ratio in the Master Plan. Roxy has yet to finalise the mix of units, which could include a range of apartment sizes as well as possibly a cluster housing component, said its executive chairman, Teo Hong Lim.
