{"id":78203,"date":"2018-01-29T09:50:48","date_gmt":"2018-01-29T02:50:48","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/roxy-pacific-unit-te2-acquire-the-wilshire-for-98-8mil\/"},"modified":"2018-01-29T10:03:46","modified_gmt":"2018-01-29T03:03:46","slug":"roxy-pacific-unit-te2-acquire-the-wilshire-for-98-8mil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/roxy-pacific-unit-te2-acquire-the-wilshire-for-98-8mil\/","title":{"rendered":"Roxy Pacific unit, TE2 acquire The Wilshire for $98.8mil"},"content":{"rendered":"


\nA joint venture of RP Ventures Pte Ltd and TE2 Development Pte Ltd has acquired The Wilshire for $98.8 million, which works out to a land rate of $1,536 psf per plot ratio (ppr), revealed Savills Singapore, which brokered the deal.
\nRP Ventures Pte Ltd is a subsidiary of Roxy Pacific Holdings while TE2 Development Pte Ltd is a private family office of Tong Eng Group\u2019s managing director, Teo Tong Lim.
\nWith an area of 3,635.3 sq m (or 39,130 sq ft), the freehold site is currently occupied by an eight-storey block with 20 apartment units ranging between 2,196 sq ft and 5,662 sq ft.
\nThe site, which is zoned residential under the 2014 Master Plan with a plot ratio of 1.6, can be redeveloped up to a height limit of 12 storeys, with a maximum gross floor area (GFA) of 5,974.61 sq m (or 64,310 sq ft.).
\nLocated within the Farrer\/Holland area, The Wilshire is near the main shopping belt of Orchard Road as well as trendy eateries in Holland V and Dempsey.
\nGiven the site\u2019s high development baseline, no development charge is payable, noted Savills.
\nThe land rate would drop to $1,455 psf ppr, after allowing a development charge of around $4.1 million for the 10 percent bonus GFA balcony space.
\nAt the sale price, Savills said the owners can expect to receive gross sales proceeds of between $3.76 million and $7.46 million.
\n\u201cQuality boutique sites in the likes of The Wilshire which offer strong value proposition in terms of location, site attributes and pricing will continue to attract boutique and mid-sized developers who take the view of an upturn in the prime residential segment,\u201d said Savills senior director of investment sales Suzie Mok.
\n\u201cAs most of the successful collective sales sites have been concentrated in the non-prime districts, we believe similar transactions in the luxury market will be the next mover,\u201d she added.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Roxy Pacific unit, TE2 acquire The Wilshire for .8mil<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A joint venture of RP Ventures Pte Ltd and TE2 Development Pte Ltd has acquired...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-78203","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-kll","jetpack-related-posts":[{"id":77624,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/kismis-view-sold-en-bloc-for-102-75m\/","url_meta":{"origin":78203,"position":0},"title":"Kismis View sold en bloc for $102.75m","date":"January 22, 2018","format":false,"excerpt":"\r The residents of the 43-unit residential development will receive gross sales proceeds ranging from $1.6 million to $3.3 million. (Photo: JLL) Kismis View, a 99-year leasehold condominium built in 1984 and sited on a 90,863 sq ft land parcel in Upper Bukit Timah, has been purchased via collective sale\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":79456,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/roxy-pacific-has-big-plans-for-kismis-view-site\/","url_meta":{"origin":78203,"position":1},"title":"Roxy-Pacific has big plans for Kismis View site","date":"February 9, 2018","format":false,"excerpt":"\r A Roxy-Pacific led joint venture intends to combine the Kismis View site with an adjacent plot to create a huge residential redevelopment measuring 100,336 sq ft. (Photo: JLL) Following their $102.75 million en bloc purchase of the 90,863 sq ft Kismis View site last month, Roxy-Pacific Holdings and its\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":91214,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/roxy-pacific-set-to-redevelop-kismis-view-en-bloc-site\/","url_meta":{"origin":78203,"position":2},"title":"Roxy-Pacific set to redevelop Kismis View en bloc site","date":"June 12, 2018","format":false,"excerpt":"\r A Roxy-Pacific led joint venture intends to combine the Kismis View site with an adjacent plot to create a huge residential redevelopment measuring 100,336 sq ft. (Photo: JLL) Singapore-listed property developer Roxy-Pacific Holdings is poised to redevelop the Kismis View en bloc site after obtaining the necessary approvals, revealed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":74594,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/oxley-buys-vista-park-via-en-bloc-sale-for-418m\/","url_meta":{"origin":78203,"position":3},"title":"Oxley buys Vista Park via en bloc sale for $418m","date":"December 15, 2017","format":false,"excerpt":"\r The owners of the 209-unit Vista Park in 50-66 South Buona Vista Road has agreed to sell the property via collective sale to Oxley Holdings for $418 million on Thursday (14 December). The property was acquired by the company\u2019s wholly-owned unit Oxley Spinel Pte Ltd, which intends the refresh\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":74510,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/derby-court-sold-to-roxy-pacific-unit-for-73-88mil\/","url_meta":{"origin":78203,"position":4},"title":"Derby Court sold to Roxy-Pacific unit for $73.88mil","date":"December 14, 2017","format":false,"excerpt":"\r Third time\u2019s a charm for Derby Court, which was sold for $73.88 million to Roxy-Pacific subsidiary, RH Developments Two Pte Ltd. Based on the development\u2019s \u201cas built\u201d gross plot ratio of 2.872, the sale price translates to a land rate of around $1,390 psf per plot ratio, said Tan\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102323,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/weak-response-for-pasir-ris-central-white-site\/","url_meta":{"origin":78203,"position":5},"title":"Weak response for Pasir Ris Central white site","date":"December 17, 2018","format":false,"excerpt":"\r Location map of the land parcel at Pasir Ris Central. Source: HDB The tender for a white site at Pasir Ris Central closed last Friday (14 Dec), with three bids received. The bidders were Laguna Garden Limited and Far East Commercial Trustee Pte. Ltd.; Phoenix Residential Pte. Ltd. &\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/78203"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=78203"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/78203\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=78203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=78203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=78203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}