PUBLISHED Tuesday, August 8, 2017
ROXY-PACIFIC Holdings plans to rebuild a freehold land parcel in River Valley Road, which it bought for S$110 million, into an apartment block of at minimum 18 storeys and housing more than 100 units.
The 28,798 sq ft site opposite the Yong An Park condo had site ratio of 2.8 accordingly to URA’s Master Plan 2014.
The estimate price work out to be S$1,582 per square foot per ratio ratio, inclusive of an estimate development charge of S$17.6 million.
This River Valley condo site is approximately 200m from the proposed Great World City MRT, which is located at the junction of River Valley Road and Leonie Hill Road.
The residential development likely to comprise two and three bedders, said Roxy Pacific executive chairman Teo Hong Lim. This project is expected to launch Q2 next year.
In the view of bullish land bids recently of about S$1,000 psf ppr for 99 years leasehold sites in sub urban area, Roxy feels that freehold prime district residential property are under valued. They are on the prowl for more sites for freehold residential projects in prime district.
Roxy took a major move into a joint venture acquiring an old freehold apartment block at 120 Grange Road. They said to redevelop the property into an 18 storey apartment block with more than 50 units.
Roxy plans to use the same contractor when comes to buying kitchen equipment and sanitary ware for both projects, said Mr Teo.
The project may have the chance to be marketed by the same agency to cross sell the two developments.
Source: The Business Times
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