With a total land area of 3,449.60 sq m or 37,131 sq ft, the property comprises 15 adjoining two-storey terrace homes and is the largest private residential transaction to date this year. Image: Cushman & Wakefield
Roxy-Pacific Holdings’s subsidiary, RL East Pte. Ltd., has acquired a freehold residential development site at 217 – 223A Guillemard Road and 1 – 21A Jalan Molek for $93 million, revealed Cushman & Wakefield, which brokered the sale.
With a total land area of 3,449.60 sq m or 37,131 sq ft, the property comprises 15 adjoining two-storey terrace homes.
“The sale of this development site is the largest private residential transaction to date this year and signals the return of developers’ confidence,” said Shaun Poh, Executive Director for Capital Markets at Cushman & Wakefield.
“Over the next few quarters, we believe more developers will enter the market to replenish their residential land banks given the healthy take-up of the recent project sales since the easing of controls on movements in Singapore and other parts of Asia”.
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Cushman & Wakefield revealed that written permission has been obtained for the proposed construction of a part-five, part-eight residential development on the site with 137 units.
The project will have a maximum gross floor area of 10,624.77 sq m or 114,364 sq ft, including of 10% bonus balcony area.
Meanwhile, Roxy-Pacific revealed that the cost of acquisition will be financed by bank borrowings and internal funds.
It also does not expect the acquisition to materially affect the group’s consolidated earnings and net tangible assets per share for the financial year ending 31 December 2020.