One of the biggest collective sales for this year has been done for Jade Towers located in the Upper Serangoon for a whopping $106 million.
A Singapore-listed Roxy-Pacific’s wholly owned subsidiary Roxy Residential secured the sale at $807 psf ppr for the 92,412 sq ft freehold land and no development charge is payable.
Each owner would receive gross sales proceeds of about $1.48 million, equivalent to $1,016 psf on strata area basis. This is a 40% premium over the current market price if the apartments were to be sold separately each.
This 92,412 sq ft land site in district 19 can be redeveloped into a condominium with about 171 units of 753 sq ft apartments.
The breakeven cost is being quoted to be from $1,200 psf to $1,250 psf by the marketing agent.
The marketing agent also mentioned that Jade Towers is the first residential enbloc sale that is above $100 million since the implementation of ABSD in December 2011.
Enbloc land sites in good location that is priced correctly will continue attract buying interest from developers.
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.
This land sale is subject to Strata Titles Board approval and will be financed by internal funds and bank borrowings by the purchaser, Roxy Residential.
27 Apr 2012