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Thread: Roxy-Pac acquires Jade Towers for $106.3m

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    Default Roxy-Pac acquires Jade Towers for $106.3m

    http://www.businesstimes.com.sg/arch...e-towers-1063m

    Published April 27, 2012

    Roxy-Pac acquires Jade Towers for $106.3m

    It could redevelop site into a project with up to 171 units


    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.

    Savills estimates the breakeven cost for a new project at about $1,200-1,250 psf.

    "Jade Towers is the first pure residential collective sale deal with a price tag exceeding $100 million since the introduction of the 10 per cent additional buyer's stamp duty in December 2011," notes Savills senior director of investment sales Suzie Mok.

    The collective sale is subject to Strata Titles Board approval.

    Jade Towers, a more than 30-year-old development, comprises two 10-storey blocks with 72 apartments of 1,453 sq ft each. Based on the sale price of $106.3 million, each owner can potentially receive gross sales proceeds of about $1.5 million or $1,016 psf on strata area, reflecting a 35-45 per cent premium over the $700-750 psf which the apartments could fetch if sold on an individual basis in the secondary market, according to Savills.

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    http://www.straitstimes.com/Money/St...ry_793043.html

    Jade Towers sold en bloc for $106m

    Published on Apr 27, 2012

    By Esther Teo, Property Reporter


    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.

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