By Romesh Navaratnarajah:Jade Towers (pictured), a residential development located along Lew Lian Vale in Upper Serangoon Road, has been sold to Roxy Residential Pte Ltd, a wholly-owned subsidiary of Roxy Pacific Limited for S$106.272 million or S$807 psf ppr.
Marketing agent Savills Singapore said the two 10-storey residential blocks feature 72 apartments of 1,453 sq ft each. The near rectangular freehold plot may be redeveloped to accommodate a GFA (gross floor area) of 131,702 sq ft, subject to approval by the authorities.
Each owner could get around S$1.476 million or S$1,016 psf in gross sale proceeds. This is more than the S$700 to S$750 psf if the apartments had been sold individually.
Savills added that the site could be redeveloped into a condominium development comprising 171 apartments with an average size of 753 sq ft. It is expected to have a breakeven cost of between S$1,200 and S$1,250 psf.
"Jade Towers is the first pure residential collective sale deal with a price tag exceeding S$100 million since the introduction of the 10 percent additional buyer's stamp duty in December 2011," said Suzie Mok, Senior Director of Investment Sales at Savills Singapore.
"Despite a slowdown in the number of pure residential collective sale transactions, sites offering strong locational attributes and priced right will continue to draw interest from developers," she added.
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