RH Novena Pte Ltd, an indirect associated company of Singapore-listed property developer Roxy-Pacific, has acquired two adjacent freehold sites on Moulmein Rise for $106 million. The deal was handled by Sakal Real Estate Partners. The two sites in prime District 11 were put up for sale in March for $110 million ($1,525 psf per plot ratio).
Located on 27 Moulmein Rise, at the junction of Moulmein Rise and Sinaran Drive, the sites have a combined area of 22,198 sq ft. They can be redeveloped into a 20-storey residential development with a maximum gross floor area of 72,003 sq ft. They are adjacent to the upcoming Health City Novena, a 17-hectare integrated masterplan area comprising health services, research, education, commercial, leisure and public spaces. It is expected to be completed by 2030.
The two adjacent freehold sites on Moulmein Rise were acquired for $106 million (Picture: Sakal Real Estate Partners)
The sites’ proximity to the Novena MRT Station, a plethora of nearby retail & F&B offerings, and the progressive completion of the Health City Novena “will continue to underpin both investor and occupier demand for high quality residences in this area for a long time to come”, says Steven Ming, managing director at Sakal.
Roxy-Pacific launched its newest residential development, Harbour View Gardens, on April 1. To date, more than 52 (91%) out of 57 units launched for sale have been snapped up at an average psf price of about $1,757.