Toh Tuck site sold for $34m

Property developer Roxy-Pacific said yesterday that its unit, Mequity, bought Toh Tuck Apartments in an en bloc deal for $33.9 million.

The freehold site, located at Toh Tuck Road, is the first collective sale in District 21 – which comprises Upper Bukit Timah and Clementi – this year.

The site has an area of 40,449 square feet, a plot ratio of 1.4 and can be built up to five storeys. A development charge of about $5 million is payable to redevelop the site up to a permissible 62,290 sq ft. This includes the 10 per cent allowance for balconies.

Together, the sale price and the development charge work out to $624 per sq ft per plot ratio.

Mr Jeffrey Goh, head of investment sales for the site’s marketing agent HSR, said about 75 apartments ranging from 590 sq ft to 1,660 sq ft could be built on the site.

“Toh Tuck Apartment is an attractive site, given its location in Bukit Timah area. It is within minutes of the Beauty World MRT station and close to good schools and amenities,” he said, adding a new apartment could fetch an average of $1,300 psf.

Source : Today – 31 Aug 2010

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