The freehold Ampas Apartments comprises 43 units and has a site area of 30,239 sq ft.
Homegrown developer Oxley Holdings has agreed to acquire all 43 units in the freehold Ampas Apartments for $95 million.
This comes after its wholly-owned subsidiary Oxley Jasper exercised the option to purchase granted on 24 March.
More: Oxley planning up to 7 S’pore projects for rest of 2018
In an SGX filing on Tuesday (27 Mar), Oxley revealed that it plans to redevelop the 30,239 sq ft site, subject to approval of the relevant authorities.
Located at 5 Jalan Ampas near Balestier Road, the site could be redeveloped into a “residential development of no less than 26 storeys, with a plot ratio of no less than 2.8 and gross floor area of no less than 7,866.04 sq m (84,669 sq ft)”, it said.
“The new development shall comprise of no less than 120 dwelling units averaging 700 sq ft each.”
The purchase price, which will be funded by internal resources and bank borrowings, was arrived at after taking into consideration the current market prices of surrounding properties as well as the company’s assessment of the property’s redevelopment potential.
Considering the development charge payable, the acquisition cost will amount to around $1,073 psf per plot ratio, inclusive of balcony space.
Oxley does not expect the acquisition to materially affect the company’s earnings per share or net tangible assets per share for the current financial year ending 30 June.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
