Friday, April 27, 2012

Jade Towers sold en bloc for $106m

Straits Times: Fri, Apr 27
THE Jade Towers residential project in Upper Serangoon has been sold in a collective sale for $106.3 million - making it one of the largest en bloc deals inked this year.

Roxy Residential, a wholly owned subsidiary of mainboard-listed Roxy-Pacific, paid $807 per sq ft per plot ratio (psf ppr) for the 92,412 sq ft freehold site of 72 apartments. There is no development charge.

Marketing agent Savills Singapore said each owner will get gross proceeds of about $1.48 million, or $1,016 psf per strata area. This is about 40 per cent higher than the $700 psf to $750 psf price tag if the units were sold individually.

The Lew Lian Vale site off Upper Serangoon Road can accommodate up to 171 apartments, each at about 753 sq ft - about half the average size of the flats there now.

The breakeven cost is estimated to be between $1,200 psf and $1,250 psf, Savills added in a statement yesterday...
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