Guillemard Residences has been purchased Roxy-Pacific for S $ 93 million.
Property and hospitality group Roxy-Pacific Holdings' wholly-owned subsidiary RL East will spend S $ 93 million to acquire a free residential development site near subway stations Aljunied and Mountbatten.
Roxy-Pacific said the freely owned site would be acquired through the purchase of 9,999 year rental property interest for 30 plots on the site.
Guillemard Residences New Launch Roxy Pacific is the upcoming freehold condominium at 217-223A Guillemard Road and 1-21A Jalan Molek, D14, Singapore. The development will for the proposed construction of a part-five, part-eight storey residential development with 137 units. New condo occupies a total land area of about 3,450 square metres (sq m) or 37,131 square feet (sq ft). The proposed project will have a maximum gross floor area of around 10,625 sq m or 114,364 sq ft.
Shaun Poh - Cushman & Wakefield's (C&W) executive director of capital markets said it will be the largest private housing transaction of the year to date. Currently, there are 15 adjacent 2-storey terraces.
C&W - The brokered the sale said that it has written permission to build a residential project of 5 floors, 8 floors with 137 apartments. The Guillemard road facade has a five-story limit set by the Urban Redevelopment Authority, while the Jalan Molek street facade has an eight-story limit.
The proposed project would have a maximum total floor area of about 10,625 square meters or 114,364 square meters, covering 10 percent of balcony space, according to C&W.
In a filing on Thursday, Roxy-Pacific said the parcel rate of 2.8 is allowed for residential development on the site.
RL East signed an agreement for this deal. Cushman & Wakefield told The Business Times that the seller was SL Cheong.
Roxy-Pacific added that freely owned locations would be purchased through the purchase of 9,999 year rental property interest for 30 plots on the site. It will finance the repurchases with internal funding and bank loans. In 2018, The Business Times reported that the site was for sale for the equivalent of S $ 99 million.
Just a few minutes' walk away is another upcoming free apartment building, Arena Residences, by Roxy-Pacific. The project at 20 Guillemard Crescent is scheduled to be completed by August 2022. Also nearby is Macly Group's recently launched 50-unit NoMa apartment complex, launched in August, along Guillemard Road.
Mr. Poh - C&W's on Thursday said the latest sale signaled a return to real estate developers' confidence.
He believes that over the next few quarters, more developers will enter the market to replenish their residential land bank, as recent project sales have been continuing well since the easing of travel restrictions in Singapore. and other parts of Asia.
Shares of Roxy-Pacific listed on the main board surged S $ 0.03 or 0.6% to trade at S $ 0.38 at 2:13 pm Thursday.
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