A unit of Roxy-Pacific Holdings has secured a land parcel at 13/15 Wilkie Terrace off Dhoby Ghaut/Selegie Road for S$24.5 million in a private treaty deal brokered by Jones Lang LaSalle (JLL). The sale price translates to S$1,259 psf ppr after factoring a small development charge.
With a land area of 9,324 sq ft, the freehold site houses a family-owned bungalow (pictured) and is zoned residential under the 2008 Master Plan, with a gross plot ratio (GPR) of 2.1.
The sale marks Roxy-Pacific’s third acquisition in the area in the last six months, following the purchase of Sophia Mansions at Adis Road and 7/9/11 Wilkie Terrace which adjoins the subject site.
“The narrowing gap in land prices between the upper and lower ends of the residential market is causing some developers to shift their attention to freehold land in more central locations. Some may be building up their land banks in anticipation of an upswing in the higher end of the market,” said Karamjit Singh, Head of Investments & Residential at JLL.
He added: “Mount Sophia is situated in the heart of Singapore’s Education, Arts & Cultural District with an interesting mix of conservation shophouses, retail offerings and educational institutions such as the School of the Arts (SOTA), LaSalle College of the Arts, Nanyang Fine Arts Academy (NAFA), etc. The student population has injected vibrancy and added buzz to the area.”
The site will also enjoy enhanced accessibility via the upcoming Rochor MRT station located nearby.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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