RL West Pte Ltd, a wholly-owned unit of Roxy Pacific Holdings Ltd, has acquired Westvale Condominium (pictured) for S$77.5 million in a collective sale, according to a statement by marketing agent Jones Lang LaSalle (JLL).
The sale translates to around S$883 psf ppr with no development charge and a plot ratio of 1.4. Each owner will receive between S$2.2 million and S$3.1 million or a premium of 50 percent over current market values.
Zoned for residential use, the 62,710 sq ft site has a potential gross floor area (GFA) of 87,798 sq ft based on the 2008 Master Plan.
Located along Pasir Panjang Road, Westvale comprises of 32 apartments spread across a four-storey walk up block. More than 80 percent of the owners consented to the sale, which is subject to approval from the Strata Titles Board.
“There was strong interest in the site during tender closing despite the restriction on the number of units allowed on the site with 1.4 plot ratio imposed last year in November by URA (Urban Redevelopment Authority),” said Nicholas Ng, Associate Director of Investments at JLL.
He added that the healthy number and quantum of bids received indicates the confidence of developers “in an exclusive freehold low rise residential redevelopment site which is set amongst greenery yet highly accessible to the CBD and future Jurong Lake District, which is poised to be Singapore’s largest regional hub outside the city centre.”
Related Stories:
Singapore developers turning to foreign architects to lure buyers
Farrer Drive site attracts top bid of S$113.2m
Rebound seen in big-ticket property sales