Property developer Roxy-Pacific Holdings has announced that its associated firm has acquired the freehold Toh Tuck Apartment site for $33.9 million.
Mequity, which is 45 percent owned by Roxy Land – a wholly-owned unit of Roxy-Pacific – will finance the acquisition through internal funds and bank borrowings.
Roxy-Pacific said the purchase is not expected to affect its net tangible assets and consolidated earnings per share this fiscal year.
Located in the Bukit Timah area, the site has a total area of 40,449 sq ft with a plot ratio of 1.4, allowing it to be redeveloped into a five-storey building.
Mequity paid $687 psf ppr for the site, including a development charge of approximately $5 million.
The four-storey block property comprises 13 units, with the average size of each unit at 2,400 sq ft.
About 75 units can be built on the site, with sizes ranging between 590 sq ft and 1,660 sq ft, including an additional 10 percent GFA allowance for the balconies, said Jeff Goh, HSR’s head of investment.
“A new apartment could fetch an average of $1,300 psf,” he said.
Property group HSR is the marketing agent for the site.