A Roxy-Pacific led joint venture intends to combine the Kismis View site with an adjacent plot to create a huge residential redevelopment measuring 100,336 sq ft. (Photo: JLL)
Singapore-listed property developer Roxy-Pacific Holdings is poised to redevelop the Kismis View en bloc site after obtaining the necessary approvals, revealed an SGX filing on Monday (11 June).
For instance, the Strata Titles Board has granted the order for sale for the collective sale of the 90,863 sq ft residential site with an existing plot ratio of 1.4.
In January, Roxy-Pacific announced that its wholly-owned unit RP Ventures and joint venture partner TE2 Development agreed to purchase Kismis View for $102.75 million, which works out to a land rate $941 psf per plot ratio (psf ppr).
The joint venture has also obtained in-principal approval from the Singapore Land Authority to refresh the 99-year leasehold lease of Kismis View and 19 Lorong Kismis, a 9,473 sq ft adjacent site it agreed to conditionally buy for $5.688 million in February.
Both land parcels will be combined to create a redevelopment site spanning 100,336 sq ft.
“Following the above, all the conditions of the purchase agreements have been fulfilled and the acquisition of Kismis View and 19 Lorong Kismis are scheduled for completion,” noted Roxy-Pacific.