Roxy-Pacific has signed a deal to acquire Everitt Building located at 116 Changi Road for $35.5 million,
This works out to $877 psf based on its net lettable area (NLA) of around 40,468 sq ft.
The 10-year-old freehold property has an existing gross floor area (GFA) of 50,892 sq ft, which reflects a plot ratio of 3.0 over its land area of 16,965 sq ft.
The company will more likely study the possibility of addition and alteration works to increase the NLA in the existing property and raise the efficiency from the current 79.5 percent.
Everitt Building consists of four storeys, an attic level and a basement level. The first storey comprises showroom and retail units, while the upper levels have offices, with the basement having 32 carpark lots.
The acquisition marks the second major property purchase of Roxy-Pacific in the Changi Road area over the past few months.
In November, the company collaborated with Macly Capital and other partners to acquire the former Singapura Theatre site at 55 Changi Road for $44.9 million. It plans to redevelop the freehold site into a mall to capitalise on its proximity to Eunos MRT station and Geylang Serai market.