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Roxy-Pacific has big plans for Kismis View site

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)

Following their $ 102.75 million en bloc purchase of the 90,863 sq ft Kismis View site last month, Roxy-Pacific Holdings and its joint venture partner now intend to buy an adjacent plot measuring 9,473 sq ft.

“Roxy-TE2 Development has entered into a put and call option agreement to acquire the property known as 19 Lorong Kismis in Land Lot 656A MK5 at a purchase price of $ 5.69 million,” said an SGX filing released on Thursday (8 February).

SEE ALSO: Kismis View sold en bloc for $ 102.75m

Roxy-Pacific Holdings holds a 60 percent stake in this entity, while the remaining 40 percent is owned by TE2 Development, a private family office of Tong Eng Group’s group managing director, Teo Tong Lim.

“The put and call option agreement is subject to and conditional upon, inter alia, the obtaining of in-principle approval from the Singapore Land Authority to issue a fresh 99 years lease for both sites and an Order for Sale from the Strata Titles Board or the High Court (as may be necessary) approving the sale of Kismis View,” they said.

The 99-year leasehold tenure of the smaller site and Kismis View respectively commenced from 1960 and 1984. Both are zoned for residential use and each have an existing gross plot ratio (GPR) of 1.4.

Furthermore, Roxy-Pacific and TE2 Development intend to combine both plots to create a residential redevelopment with a combined land area of approximately 100,336 sq ft.

The $ 5.69 million acquisition of 19 Lorong Kismis will be funded by bank loans and internal funds.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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URA to launch tender for residential site at West Coast Vale

The Urban Redevelopment Authority (URA) has accepted an application from a developer to put up the residential site at West Coast Vale for sale by public tender.

This comes after the developer committed to bid a price of not less than S$ 379.988 million in the tender for the site.

“As the minimum price committed by the developer is acceptable to the government, the site will be released for sale by public tender,” said the URA.

With a maximum permissible gross floor area of 54,857 sq m, the 1.9ha site was made available for sale on the reserve list of the second half 2017 Government Land Sales Programme.

Tricia Song, head of research for Singapore at Colliers International, noted that the West Coast Vale site has been triggered for sale despite the abundance of new and upcoming supply within the area.

“We think this is probably due to the brisk sales chalked up at 752-unit Parc Riviera which is now 87 percent sold as of October 2017, at a median price of S$ 1,250 psf, since it was launched in November 2016,” she said.

“Next to the Parc Riviera site is a new, yet-to-launch project Twin Vew – which can yield 570 units – that was sold in February 2017 to China Construction at S$ 592 psf per plot ratio (ppr).”

Song expects the top bid for the site to stand at “about S$ 443 million to S$ 472 million (S$ 750 to S$ 800 psf ppr), with a selling price of S$ 1,300 to S$ 1,375 psf”.

The trigger price of S$ 379.988 million translates to S$ 643.5 psf ppr, she added.

Meanwhile, the URA revealed that the public tender for the land parcel will be launched in about two weeks, while the tender period for the site will be about six weeks.

This article was edited by Romesh.

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Fourth Avenue housing site selling for at least $448.8m

An 18,532.2 sq m residential site in Fourth Avenue that could yield about 455 houses was launched for sale via public tender by the Urban Redevelopment Authority (URA) on Thursday (2 November 2017).

Offered on a 99-year leasehold tenure, the plot was triggered for sale after the URA said on Tuesday (31 October) that a developer has pledged to a minimum bid price of $ 448.8 million.

With a maximum gross floor area of 33,358 sq m, the Reserve List site near Sixth Avenue MRT Station is being offered under the 1H 2017 Government Land Sales Programme.

The public tender for the land parcel is scheduled to close at 12 noon on 5 December 2017, with submitted bids below the minimum price to be excluded.

 

This article was edited by Keshia Faculin.

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Tiong Seng subsidiary backs out of Jervois Road site acquisition

Tiong Seng Holdings’s subsidiary, TSky (Jervois), has exercised its right to rescind the option to purchase two freehold sites in Jervois Road.

This comes as the necessary redevelopment approval for the sites has not been given by the relevant authority “due to restriction of redevelopment plans for the remaining left-behind plots”, explained Tiong Seng in an SGX filing.

Zoned “residential”, the sites are located in prime district 10, featuring a combined area of around 1,246.3 sq m (13,415 sq ft) and a gross plot ratio of 1.4.

In a July announcement, Tiong Seng revealed that TSky (Jervois) had exercised the option to purchase the sites for $ 21 million and would also undertake their development.

TSky (Jervois) is Tiong Seng’s 60:40 joint venture company with Arctic Sky Investment Pte Ltd, which is a wholly owned subsidiary of Ocean Sky International Limited.

Tiong Seng does not expect the termination to materially affect the group’s earnings per share and net tangible assets per share for the current financial year ending 31 December 2017.

 

This article was edited by Keshia Faculin.

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Oxley buys freehold mixed-use site for $14.5m

A wholly-owned unit of Oxley Holdings has exercised an option to purchase a 462 sq m freehold site at Tessensohn Road for $ 14.5 million, revealed an SGX filing on Friday (3 November).

The vacant land zoned for residential with commercial at the ground floor is being acquired by Oxley Amethyst Pte Ltd from unrelated firm Urban Development Pte Ltd.

Previously, Oxley Amethyst paid $ 145,000 when the option was granted on 5 October and paid another $ 580,000 when it decided to proceed with the transaction.

The property is being sold with vacant possession, and the consideration’s remaining balance will be paid upon the deal’s completion within ten weeks from the of acceptance of the option.

Oxley said that the sale is conditional upon obtaining the approval (Qualifying Certificate) from the Land Dealings (Approval) Unit on or before the completion date.

The transaction will be funded by bank borrowings and internal resources, with the seller’s stamp duty to be shouldered by the buyer. The purchase price will also include the goods and services tax, if applicable.

Furthermore, the deal is not expected to have any material impact on the group’s earnings per share or net tangible assets per share for the current fiscal year ending 30 June 2018.

 

This article was edited by Keshia Faculin.

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