Third time’s a charm for Derby Court, which was sold for $73.88 million to Roxy-Pacific subsidiary, RH Developments Two Pte Ltd.
Based on the development’s “as built” gross plot ratio of 2.872, the sale price translates to a land rate of around $1,390 psf per plot ratio, said Tan Hong Boon, regional director at JLL, which is the property’s sole marketing agent.
JLL noted that owners of the development stand to receive between $3.36 million and $6.65 million in gross sales proceeds per unit, reported Business Times.
Nestled on an 18,506 sq ft freehold site, Derby Court comprises two penthouses and 18 apartment units. It is located along Derbyshire Road within the Novena locale, near the Anglo-Chinese School (Junior) and just across the road from St Joseph’s Primary Institution (Junior).
In an SGX filing, Roxy-Pacific revealed that it intends to finance the acquisition by bank borrowings and internal funds.
It added that the acquisition is “not expected to have a material impact on the group’s consolidated earnings and net tangible assets per share of the company for the current financial year ending 31 December 2017”.
This article was edited by Keshia Faculin.