A joint venture of RP Ventures Pte Ltd and TE2 Development Pte Ltd has acquired The Wilshire for $98.8 million, which works out to a land rate of $1,536 psf per plot ratio (ppr), revealed Savills Singapore, which brokered the deal.
RP Ventures Pte Ltd is a subsidiary of Roxy Pacific Holdings while TE2 Development Pte Ltd is a private family office of Tong Eng Group’s managing director, Teo Tong Lim.
With an area of 3,635.3 sq m (or 39,130 sq ft), the freehold site is currently occupied by an eight-storey block with 20 apartment units ranging between 2,196 sq ft and 5,662 sq ft.
The site, which is zoned residential under the 2014 Master Plan with a plot ratio of 1.6, can be redeveloped up to a height limit of 12 storeys, with a maximum gross floor area (GFA) of 5,974.61 sq m (or 64,310 sq ft.).
Located within the Farrer/Holland area, The Wilshire is near the main shopping belt of Orchard Road as well as trendy eateries in Holland V and Dempsey.
Given the site’s high development baseline, no development charge is payable, noted Savills.
The land rate would drop to $1,455 psf ppr, after allowing a development charge of around $4.1 million for the 10 percent bonus GFA balcony space.
At the sale price, Savills said the owners can expect to receive gross sales proceeds of between $3.76 million and $7.46 million.
“Quality boutique sites in the likes of The Wilshire which offer strong value proposition in terms of location, site attributes and pricing will continue to attract boutique and mid-sized developers who take the view of an upturn in the prime residential segment,” said Savills senior director of investment sales Suzie Mok.
“As most of the successful collective sales sites have been concentrated in the non-prime districts, we believe similar transactions in the luxury market will be the next mover,” she added.
This article was edited by Keshia Faculin.