Roxy-Pacific, Tong Eng group MD to buy The Wilshire for S$98.8m

Sat, Jan 27, 2018

Janice Heng

ROXY-PACIFIC Holdings has partnered Tong Eng Group's managing director Teo Tong Lim to acquire another residential site - this time the freehold Wilshire in District 10 - for S$98.8 million.

The 39,130 sq ft site has been collectively sold to a joint venture between Roxy-Pacific subsidiary RP Ventures, which has a 40 per cent stake, and Mr Teo's private family office TE2 Development, which holds 45 per cent. The remaining 15 per cent is held by Kim Seng Holdings.

The cost of the acquisition will be financed by internal funds and bank borrowings, said Roxy-Pacific in a regulatory filing yesterday.

This follows last week's announcement that Roxy-Pacific and TE2 Development had acquired leasehold site Kismis View in Upper Bukit Timah for S$102.75 million, in the third joint venture between both groups.

The Wilshire's sale price reflects a land rate of about S$1,536 psf per plot ratio.

Savills Singapore, which brokered the deal, said that the land rate would fall to S$1,455 psf per plot ratio after allowing a development charge of about S$4.1 million for the 10 per cent bonus GFA for balcony space.

Located in the upmarket Farrer-Holland area, the site now houses the 20-unit Wilshire condominium. Under the Master Plan 2014, the site has a plot ratio of 1.6 and can be redeveloped up to a height of 12 storeys, with a maximum gross floor area (GFA) of 64,310 q ft.

"Quality boutique sites in the likes of The Wilshire ... will continue to attract boutique and mid-sized developers who take the view of an upturn in the prime residential segment", said Savills senior director of investment sales Suzie Mok.

The owners can expect to receive gross sale proceeds ranging from S$3.76 million to S$7.46 million.