SINGAPORE (EDGEPROP) - RL East, a subsidiary of mainboard-listed property developer Roxy-Pacific Holdings has purchased a 15 terraced houses in the Guillemard area for $93 million. The deal was brokered by Cushman & Wakefield (C&W).
The adjoining houses are located at 217–223A Guillemard Road and 1–21A Jalan Molek. The entire site has a 9999-year leasehold tenure and occupies 37,131 sq ft comprising two-storey terrace houses. This collection of properties were first put up for sale through en bloc in 2018 with C&W as the sole marketing agent. The asking price at the time was $99 million but the properties did not find a buyer.
The 15 terrace houses (centre) were sold for $93 million to a subsidiary of Roxy-Pacific Holdings. (Picture: C&W)
“The sale of this development site is the largest private residential transaction to date this year and signals the return of developers’ confidence. Over the next few quarters, we believe more developers will enter the market to replenish their residential land banks given the healthy take-up of the recent project sales since the easing of controls on movements in Singapore and other parts of Asia,” says Shaun Poh, executive director of capital markets at C&W.
According to C&W, written permission has already been obtained for the proposed construction of a 137-unit residential development with a maximum gross floor area of 114,364 sq ft, which includes the 10% bonus balcony area.
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