Jade Towers, a residential development in the Upper Serangoon area, has been sold to Roxy Residential – a wholly-owned subsidiary of Singapore-listed Roxy Pacific – for S$106.27 million according to Channel NewsAsia.
The sales price translates to a unit land rate of S$807 per square foot per plot ratio and no development charge is payable.
Marketing agent Savills said each owner can potentially receive gross sale proceeds of approximately S$1.476 million or S$1,016 psf on strata area.
This is higher than the S$700 to S$750 psf price if the apartments were to be sold individually in the secondary market.
The site spanning 92,412 sq ft can potentially be redeveloped into a condominium development with up to a maximum of 171 apartments averaging 753 sq ft, according to Savills. The breakeven cost is estimated to be between S$1,200 and S$1,250 psf.
Suzie Mok, senior director of Investment Sales at Savills, said: “Jade Towers is the first pure residential collective sale deal with a price tag exceeding S$100 million since the introduction of the 10 per cent additional buyer’s stamp duty in December 2011.
“Despite a slow down in the number of pure residential collective sale transactions, sites offering strong locational attributes and priced right will continue to draw interest from developers.”
The sale is subject to Strata Titles Board approval.