Enbloc news: Yi Mei garden sold for $136m

[star]

Roxy-Pacific Holdings, through its unit RH Draycott Park, has acquired Yi Mei Garden, a freehold residential site along Tampines Road, through a collective sale for S$136 million or S$856 psf ppr.

The sale price also includes a development charge of over S$4 million and will be funded by internal funds and bank borrowings.

The site currently houses a 14-storey residential block with 44 apartments and four penthouses completed in 1984. Located near the Kovan MRT Station, it offers a total land area of 78,030 sq ft with a plot ratio of 2.1, and is zoned for residential development under the 2008 Master Plan.

“The Acquisition is subject to and conditional inter alia upon the obtaining of an Order for Sale from the Strata Titles Board or the High Court (as may be necessary) approving this sale,” the company noted.

[leesg123]

wow! more than $2m per unit!!!

[reporter2]

http://www.businesstimes.com.sg/premium/companies/others/roxy-pac-buys-kovan-site-en-bloc-136m-20130618

Published June 18, 2013

Roxy-Pac buys Kovan site en bloc for $136m

Freehold apartment block sold for $856 psf ppr

By Kalpana Rashiwala


ROXY-PACIFIC Holdings has acquired the freehold Yi Mei Garden in Tampines Road through a collective sale for $136 million.

The price works out to $856 per square foot per plot ratio (psf ppr) inclusive of a development charge of $4 million-plus.

Under Master Plan 2008, the site is zoned for residential use with a 2.1 plot ratio (ratio of maximum gross floor area to land area). The acquisition is subject to approval of the collective sale by the Strata Titles Board (STB) or the High Court (as may be necessary), Roxy-Pacific said in a statutory filing with Singapore Exchange yesterday.

Located about 600 metres from Kovan MRT Station, Yi Mei Garden is currently a 14-storey residential block comprising 44 apartments and four penthouses. It was completed in 1984.

Roxy-Pacific executive chairman Teo Hong Lim told BT the group plans to redevelop the site into a condominium project with about 200 units.

Recently, the group also inked a deal to purchase SunnyVale Apartments in Lorong K Telok Kurau for $25 million. The price works out to slightly more than $770 psf ppr for the freehold site of about 23,000 sq ft. That deal is also subject to STB or court approval. Roxy-Pacific plans to redevelop the site into a project with about 30 apartments.

"Our current projects are selling well. That's why we need to replenish our landbank," said Mr Teo.

Whitehaven, the group's 121-unit freehold condo in Pasir Panjang, is about 70 per cent sold. The five-storey project was released last month at an average price of about $1,470-$1,480 psf ppr.

In the Dhoby Ghaut location, the group launched Liv on Sophia a few weeks ago at an average price of $2,450 psf. Located on Adis Road, the project comprises 64 two-bedroom dual-key units - of which more than 90 per cent have been sold.

[pool100]

Based on 200 units, each unit's average size will be about 790 sqft. MM king is back.

[reporter2]

http://www.businesstimes.com.sg/breaking-news/singapore/roxy-pacific-gets-nod-yi-mei-garden-enbloc-purchase-20130930

Published September 30, 2013

Roxy-Pacific gets nod for Yi Mei Garden enbloc purchase

By Vivien Shiao [email protected]


ROXY-PACIFIC Holdings said on Monday that a sale order from the Strata Titles Board has been granted for the enbloc sale of Yi Mei Garden.

On June 17, 2013, Roxy's wholly-owned indirect subsidiary, RH Tampines Limited, entered into a conditional agreement to acquire the freehold residential site situated at Tampines Road for S$136 million.