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View Full Version : Wilkie Terrace land parcel sold for S$24.5m



maisonjai
04-01-13, 10:20
Wilkie Terrace land parcel sold for S$24.5m
By Wong Siew Ying | Posted: 03 January 2013

SINGAPORE: A land parcel at 13/15 Wilkie Terrace has been sold to Roxy-Pacific Holdings for S$24.5 million.

Its marketing agent, Jones Lang LaSalle, said the plot located off Dhoby Ghaut/ Selegie Road has been sold to a subsidiary of Roxy-Pacific Holdings in a private treaty deal.

Jones Lang LaSalle added that the sale price of S$24.5 million reflects a land rate of S$1,259 per square foot per plot ratio based on the gross plot ratio of 2.1, after factoring in a marginal development charge.

Spanning 9,324 square feet, the freehold site currently houses a bungalow owned by a family and it is zoned for residential development.

Including this latest acquisition, Roxy-Pacific has bought three sites in the vicinity in the last six months.

Jones Lang LaSalle said the other two sites are Sophia Mansions at Adis Road and 7/9/11 Wilkie Terrace which adjoins the land parcel that it has just purchased.

The two earlier transactions were handled by property consultant Credo Real Estate before its merger with Jones Lang LaSalle.

Mr Karamjit Singh, Head of Investments and Residential at Jones Lang LaSalle said: "The narrowing gap in land prices between the upper and lower ends of the residential market is causing some developers to shift their attention to freehold land in more central locations. Some may be building up their land banks in anticipation of an upswing in the higher end of the market."

Jones Lang LaSalle added that the site at 13/15 Wilkie Terrace is located near to the upcoming Rochor MRT station, part of the Downtown Line, which is expected to commence operations in two years.

- CNA/xq
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1245821/1/.html

maisonjai
04-01-13, 10:22
Owner really huat, bought it for 450k according to ST.

dtrax
04-01-13, 13:09
ST Reports: $24m profit likely from sale of Wilkie bungalow
by Property Edge on Friday, January 4, 2013 at 8:12am ·
$24m profit likely from sale of Wilkie bungalow
Jan 04, 2013

A family who has sold an old bungalow in the Mount Sophia area of Wilkie Terrace could have reaped a profit of as much as $24 million.
The freehold property was snapped up by listed real estate firm Roxy-Pacific, which will include the site as part of a larger development.
The deal almost certainly spells a huge profit for the owners, according to the press release issued yesterday by Jones Lang LaSalle, which brokered the sale, although details are unclear.
The press release refers to the property as 13/15 Wilkie Terrace.
A check of the Urban Redevelopment Authority's caveats database Realis showed that in 2005, 13 Wilkie Terrace with a land size of 866 sq m - about 9,321 sq ft - was sold for only $450,000.
Jones Lang LaSalle added yesterday that the 9,324 sq ft freehold site had been sold to Roxy-Pacific for $24.5 million.
There are no transactions for 15 Wilkie Terrace on Realis from as far back as 1995. This points to $450,000 being the price paid for the entire property that is now being sold, implying the family is sitting on a profit of as much as $24 million.
The 2005 transaction price of $450,000 - or $48 per sq ft (psf) - seems very low given that there were three landed property transactions between 1996 and 2001 that ranged between $561 psf and $779 psf in nearby Wilkie Road.
The sale price of $24.5 million reflects a land rate of $1,259 psf per plot ratio based on the plot ratio after factoring in a marginal development charge.
The site is zoned for residential development with an allowable gross plot ratio of 2.1.
Roxy-Pacific said in its announcement to the Singapore Exchange yesterday it plans to combine the site with a neighbouring freehold site at 7, 9 and 11 Wilkie Terrace.
That earlier site amounting to 13,209 sq ft was purchased in August for $33 million.
The Mount Sophia area is gaining in popularity with its proximity to the School of the Arts, LaSalle College of the Arts, and Nanyang Academy of Fine Arts, said Mr Karamjit Singh, head of investments and residential at Jones Lang LaSalle.
Consultants estimate that the total site could yield about 85 one-bedroom units.
The upscale development 1919 was launched recently in nearby Wilkie Road. It comprises 75 black and white apartments with average prices ranging from $2,000 psf to $2,200 psf.

One word 'GG'. 24mil in 7yrs wdf

dtrax
04-01-13, 13:11
N.A. 13 Wilkie Terrace 1 866 Land 450,000 520 48 26-SEP-2005 Semi-Detached House Freehold Unknown Resale Private 09 22 228027 Central Region Rochor

Machiam buying iskandar land

Shanhz
04-01-13, 14:56
mkt value cannot be that far off. there must be something in that sale in 2005 that we dunno.

Cyberknight
04-01-13, 22:38
Is that bro BJ taking action hahah?

bargain hunter
05-01-13, 08:56
agree. even at 2005 lows forcesell also cannot be 48psf. prob a friendly party transfer. but i'm not sure how/why they do it at the low psf. heard that you can't lower the stamp duty even if u buy at such a ridiculous price?


mkt value cannot be that far off. there must be something in that sale in 2005 that we dunno.

Shanhz
05-01-13, 18:36
agree. even at 2005 lows forcesell also cannot be 48psf. prob a friendly party transfer. but i'm not sure how/why they do it at the low psf. heard that you can't lower the stamp duty even if u buy at such a ridiculous price?

garmen not stupid.
you can run but you can't hide