http://www.businesstimes.com.sg/arch...y-pacific-unit

Published June 23, 2012

Westvale Condo sold en bloc for $77.5m to Roxy Pacific unit

By lim wei sheng


FREEHOLD residential property Westvale Condominium has been sold to RL West Pte Ltd, a subsidiary of Roxy Pacific Holdings Ltd, for $77.5 million, or about $883 per square foot per plot ratio (psf ppr).

The 62,710 sq ft site, located along Pasir Panjang Road, comprises 32 apartments located in a four-storey walk-up block.

The plot is zoned for residential use under Master Plan 2008, with a gross plot ratio of 1.4, a maximum building height of five storeys, and a potential gross floor area of up to 87,798 sq ft.

With the collective sale, each individual owner will receive gross sale proceeds ranging from approximately $2.2 million to $3.1 million, a more than 50 per cent premium over the current market price, said marketing agent Jones Lang LaSalle.

More than 80 per cent of the owners agreed to the sale.

The site was launched in the collective sales market in March, with an indicative asking price of $85.5 million, slightly higher than the final selling price.

"There was strong interest in the site during tender closing despite the restriction on the number of units allowed on the site with 1.4 plot ratio imposed," noted Nicholas Ng, associate director of investments at Jones Lang LaSalle.

A development charge for the plot is expected to be incurred should the new developer decide to utilise the additional balcony space, which constitutes another 10 per cent of gross floor area. This charge would amount to $625,000.

Jones Lang LaSalle had earlier said the development could yield 115 new homes with an average size of 800 sq ft.

A recent freehold residential development in Balestier, Kemaman View, was also sold slightly below its asking price, garnering a final sales amount of $45.5 million, compared with its asking price of $46-48 million.