Jade Towers sold en bloc for S$106.27m

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

  • Popular hot yoga myths debunked 5 hours ago
    Popular hot yoga myths debunked

    What’s the hottest new workout taking the world by storm? That would be hot yoga, also known as Bikram yoga. Conducted in a heated room with sweltering temperatures of about 40°C (or approximately 104° Fahrenheit) and 40 per cent humidity, … Continue reading →

  • Thursday #sgroundup: Body found of boy who made first call from Korea ferry: report 6 hours ago
    Thursday #sgroundup: Body found of boy who made first call from Korea ferry: report

    Here are today’s top trending stories in case you missed them.

  • Look, don't touch: Flickr photo of the day 18 hours ago
    Look, don't touch: Flickr photo of the day

    If there's one car that's particularly sought-after among today's well-heeled car collectors, a Ferrari 250 would be it. Usually it's the GTO variant, like the 1963 that sold for a record $52 million last year. A 250 of any sorts demands unfathomable cash, however, which is why we can but gawk at this 250 Testa Rossa. It's as close as any mere mortal will ever come to owning one.

  • Photo of a very thin Lee Kuan Yew sparks concern
    Photo of a very thin Lee Kuan Yew sparks concern

    A new picture of Singapore's first prime minister, Lee Kuan Yew, who is now 90 years old, has drawn concern from people on Singapore's internet space.

  • Waste oil collector struggles after STOMP posts, receives help from kind souls
    Waste oil collector struggles after STOMP posts, receives help from kind souls

    After being photographed at work in Jurong pooling used oil near coffee shops, 50-year-old Valerie Sim has been struggling to keep her family afloat. Web portals STOMP and The Real Singapore published pictures of her in February, triggering a witch hunt for others like her and comments from readers like “Who knows if they’ll use it as cooking oil?” Some readers also said they filed police reports against her and other people they believed were doing the same thing she was.

  • Indonesian general says his flashy watch is a fake
    Indonesian general says his flashy watch is a fake

    JAKARTA, Indonesia (AP) — Indonesia's military commander said critics who called him out for wearing an especially luxurious watch should be quiet because the timepiece is actually a cheap Chinese fake.