The sites have a total area of about 22,198 sq ft and could be redeveloped into a 20-storey apartment. (Photo: Sakal Real Estate Partners)
RH Novena, an indirect associated company of property developer Roxy Pacific Holdings, has purchased two adjacent freehold residential sites at 27 Moulmein Rise for $106 million.
Nestled at the corner of Sinaran Drive and Moulmein Rise, the sites have a combined area of about 22,198 sq ft. Sakal Real Estate Partners, which handled the sale, noted that they can be redeveloped into a 20-storey residential apartment with a maximum gross floor area of 72,003 sq ft.
The prime District 11 sites are located near Novena MRT station, adjacent to the upcoming Health City Novena – a 17ha integrated masterplan comprising health services, education, research, leisure, commercial and public spaces that is slated for completion by 2030.
“This is a prized location. The sites’ proximity to Novena MRT station, plethora of retail & F&B offerings located nearby and the progressive completion of the Health City Novena will continue to underpin both investor and occupier demand for high quality residences in this area for a long time to come,” said Sakal managing director Steven Ming.
Roxy Pacific does not expect the acquisition, which will be funded by bank borrowings and internal funds, to materially affect the group’s consolidated earnings and net tangible assets per share for the current financial year ending 31 December.
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