The residents of the 43-unit residential development will receive gross sales proceeds ranging from $1.6 million to $3.3 million. (Photo: JLL)
Kismis View, a 99-year leasehold condominium built in 1984 and sited on a 90,863 sq ft land parcel in Upper Bukit Timah, has been purchased via collective sale for $102.75 million.
“The sale price reflects a land rate of approximately $941 psf per plot ratio (ppr), including an estimated premium to top up the lease to a fresh 99-year term of approximately $17 million,” said marketing agent JLL’s regional director Tan Hong Boon.
At this price, residents of the five-storey development with a total of 43 units and existing plot ratio of 1.4 will receive gross sales proceeds ranging from $1.6 million to $3.3 million.
Tan noted that the developer can build up to 168 units with a minimum average size of 70 sq m (753 sq ft) on the site. There is also no development charge payable.
Kismis View was jointly acquired by Roxy-Pacific Holdings’ wholly-owned unit RP Ventures and TE2 Development, a private family office of Tong Eng Group’s group managing director, Teo Tong Lim.
According to an SGX filing on Friday (19 January), both parties plan to create a new company to undertake the site’s redevelopment, wherein Roxy-Pacific will hold a 60 percent stake, while TE2 will own the remaining 40 percent.