By Romesh Navaratnarajah:Jade Towers (pictured), a residential development located along Lew Lian Vale in Upper Serangoon Road, has been sold to Roxy Residential Pte Ltd, a wholly-owned subsidiary of Roxy Pacific Limited for S$106.272 million or S$807 psf ppr.
Marketing agent Savills Singapore said the two 10-storey residential blocks feature 72 apartments of 1,453 sq ft each. The near rectangular freehold plot may be redeveloped to accommodate a GFA (gross floor area) of 131,702 sq ft, subject to approval by the authorities.
Each owner could get around S$1.476 million or S$1,016 psf in gross sale proceeds. This is more than the S$700 to S$750 psf if the apartments had been sold individually.
Savills added that the site could be redeveloped into a condominium development comprising 171 apartments with an average size of 753 sq ft. It is expected to have a breakeven cost of between S$1,200 and S$1,250 psf.
"Jade Towers is the first pure residential collective sale deal with a price tag exceeding S$100 million since the introduction of the 10 percent additional buyer's stamp duty in December 2011," said Suzie Mok, Senior Director of Investment Sales at Savills Singapore.
"Despite a slowdown in the number of pure residential collective sale transactions, sites offering strong locational attributes and priced right will continue to draw interest from developers," she added.
The sale is subject for approval by the Strata Titles Board. Related Stories: Who said there are no affordable private homes in Singapore?
Sales of private resale homes pick up
Novena Ville up for collective sale
More from PropertyGuru:
Who said there are no affordable private homes in Singapore?
Sales of private resale homes pick up
Novena Ville up for collective sale
More residential projects receive construction awards