Roxy-Pacific Holdings and the group managing director of Tong Eng Group have joined hands to buy the Kismis View condo in the Upper Bukit Timah area for $102.75 million.
The 43-unit development was sold en bloc to a 60-40 joint venture between Roxy-Pacific subsidiary RP Ventures and TE2 Development, the private family office of Mr Teo Tong Lim.
Owners could receive gross sale proceeds of between $1.6 million and $3.3 million, said marketing agent JLL. This will be the third joint venture between the two groups, Roxy-Pacific said yesterday.
The 90,863 sq ft site has a gross plot ratio of 1.4 and can be redeveloped into an apartment development of up to five storeys, with a total gross floor area (GFA) of about 139,929 sq ft. This includes a 10 per cent bonus GFA for balcony.
The maximum number allowed would be 168 units based on the minimum average size control of 70 sq m, sole marketing agent JLL said.
This deal brings Roxy-Pacific's share of total residential landbank and unsold inventory to an estimated 570 units.
The Kismis View sale price of $102.75 million reflects a land rate of about $941 per sq ft per plot ratio, including an estimated premium of $17 million to top up the lease to a fresh 99-year term.
JLL regional director Tan Hong Boon said: "As the site has a high development baseline, there will be no development charge even for the 10 per cent bonus GFA for balcony.
"Should the developer maximise the GFA to 1.54, the land rate would reflect $855 psf per plot ratio."
The Upper Bukit Timah area is a prime residential enclave that appeals to both locals and expatriates due to its proximity to good schools and an array of eateries and amenities. The Kismis View estate is on elevated ground that can have views towards the Bukit Timah Hill and nature reserve, JLL said.
Roxy-Pacific said the cost of the acquisition will be financed by internal funds and bank borrowings.