Jade Towers sold en bloc for $
106m
Straits Times: Fri, Apr 27
THE Jade Towers residential
project in Upper Serangoon has
been sold in a collective sale for
$106.3 million - making it one of
the largest en bloc deals inked
this year.
Roxy Residential, a wholly owned
subsidiary of mainboard-listed
Roxy-Pacific, paid $807 per sq ft
per plot ratio (psf ppr) for the
92,412 sq ft freehold site of 72
apartments. There is no
development charge.
Marketing agent Savills
Singapore said each owner will
get gross proceeds of about $
1.48 million, or $1,016 psf per
strata area. This is about 40 per
cent higher than the $700 psf to
$750 psf price tag if the units
were sold individually.
The Lew Lian Vale site off Upper
Serangoon Road can
accommodate up to 171
apartments, each at about 753
sq ft - about half the average
size of the flats there now.
The breakeven cost is estimated
to be between $1,200 psf and $
1,250 psf, Savills added in a
statement yesterday.
Ms Suzie Mok, its senior director
of investment sales, noted that
Jade Towers is the first pure
residential collective sale
exceeding $100 million since the
introduction of the 10 per cent
additional buyer's stamp duty in
December last year.
The measures require developers
to build and sell all units on a
site within five years or face the
additional stamp duty.
'Despite a slowdown in the
number of pure residential
collective sale transactions, sites
offering strong locational
attributes and priced right will
continue to draw interest from
developers,' she said.
'District 19 is fast catching up in
popularity with the Telok Kurau
residential enclave in District 15.'
Subject to confirmation, a
rectangular freehold plot nearby
could be redeveloped along with
the site, bringing the total gross
floor area to 131,702 sq ft.
Roxy-Pacific said in a separate
statement that the sale, which is
subject to Strata Titles Board
approval, will be financed by
internal funds and bank
borrowings.
It is not expected to have a
material impact on its
consolidated earnings and net
tangible assets per share of the
company for the current
financial year, it added.
Earlier this month, a smaller low-
rise residential plot nearby -
comprising Bartley Grove
Apartments and three adjoining
terraces - was also sold for $810
psf ppr.
The biggest collective sale deal
inked this year was for mixed-use
estate Tai Keng Court last
month. Owners received $161.1
million for the freehold plot at
the junction of Jalan Lokam and
Upper Paya Lebar Road, which is
$1,109 psf ppr.
Source: The Straits Times ©
Singapore Press Holdings Ltd.
Reprinted with permission.
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