Property developer Roxy-Pacific Holdings plans to redevelop Kovan Centre in Yio Chu Kang into a residential-cum-commercial building.
The company said it will redevelop Kovan Centre into Space @ Kovan, which will house 56 commercial units and 140 residential apartments.
In September 2009, it acquired the first and second level of Kovan Centre, together with the basement carpark for about $22.2 million. Then in December last year, it paid $18.3 million to acquire all 14 units on the third and fourth levels during an en bloc sale. This meant that Roxy-Pacific acquired the entire property for approximately $40.5 million.
Mr. Teo Hong Lim, CEO and executive chairman of Roxy-Pacific, said the company will be paying a development charge of more than $10 million. He said that the selling price of the units has yet to be decided, but added that it may be similar to what the nearby Residences Botanique are fetching, which ranged from $970 psf to $1,152 psf.
Roxy-Pacific is waiting for regulatory approval on the project, and may launch Space @ Kovan next month, after the showflat is completed.
Redevelopment plans for the building are unlikely to start before Q3 next year.
Meanwhile, the company also has plans to develop the former Singapura Theatre site, which it owns a stake, into a retail mall.