Roxy-Pacific set to redevelop Kismis View en bloc site
Singapore-listed Roxy-Pacific Holdings is poised to redevelop the Kismis View en bloc site after obtaining the necessary approvals...
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 joint venture partner now intend to buy an adjacent plot measuring 9,473 sq ft.
“Roxy-TE2 Development has entered into a put and call option agreement to acquire the property known as 19 Lorong Kismis in Land Lot 656A MK5 at a purchase price of $5.69 million,” said an SGX filing released on Thursday (8 February).
SEE ALSO: Kismis View sold en bloc for $102.75m
Roxy-Pacific Holdings holds a 60 percent stake in this entity, while the remaining 40 percent is owned by TE2 Development, a private family office of Tong Eng Group’s group managing director, Teo Tong Lim.
“The put and call option agreement is subject to and conditional upon, inter alia, the obtaining of in-principle approval from the Singapore Land Authority to issue a fresh 99 years lease for both sites and an Order for Sale from the Strata Titles Board or the High Court (as may be necessary) approving the sale of Kismis View,” they said.
The 99-year leasehold tenure of the smaller site and Kismis View respectively commenced from 1960 and 1984. Both are zoned for residential use and each have an existing gross plot ratio (GPR) of 1.4.
Furthermore, Roxy-Pacific and TE2 Development intend to combine both plots to create a residential redevelopment with a combined land area of approximately 100,336 sq ft.
The $5.69 million acquisition of 19 Lorong Kismis will be funded by bank loans and internal funds.