Wilkie Terrace land parcel sold for S$24.5m

A land parcel at 13/15 Wilkie Terrace has been sold to Roxy-Pacific Holdings for S$24.5 million.

Its marketing agent, Jones Lang LaSalle, said the plot located off Dhoby Ghaut/ Selegie Road has been sold to a subsidiary of Roxy-Pacific Holdings in a private treaty deal.

Jones Lang LaSalle added that the sale price of S$24.5 million reflects a land rate of S$1,259 per square foot per plot ratio based on the gross plot ratio of 2.1, after factoring in a marginal development charge.

Spanning 9,324 square feet, the freehold site currently houses a bungalow owned by a family and it is zoned for residential development.

Including this latest acquisition, Roxy-Pacific has bought three sites in the vicinity in the last six months.

Jones Lang LaSalle said the other two sites are Sophia Mansions at Adis Road and 7/9/11 Wilkie Terrace which adjoins the land parcel that it has just purchased.

The two earlier transactions were handled by property consultant Credo Real Estate before its merger with Jones Lang LaSalle.

Mr Karamjit Singh, Head of Investments and Residential at Jones Lang LaSalle said: “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.”

Jones Lang LaSalle added that the site at 13/15 Wilkie Terrace is located near to the upcoming Rochor MRT station, part of the Downtown Line, which is expected to commence operations in two years.

Source : Channel NewsAsia – 3 Jan 2013

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