Kismis View, a 43-unit development at Lorong Kismis, has been sold to a joint-venture of RP VENTURES PTE. LTD. (a subsidiary of Roxy-Pacific Holdings Limited) and TE2 DEVELOPMENT PTE. LTD. (a private family office of Tong Eng Group's Group Managing Director Mr. Teo Tong Lim) by sole marketing agent, JLL.

Under the 2014 Master Plan, the 90,863 sq ft site is zoned ‘Residential’ with a Gross Plot Ratio (“GPR”) of 1.4. The site may be redeveloped into a low-rise apartment development of up to 5 storeys, with a total Gross Floor Area (“GFA”) of about 139,929 sq ft including a 10 per cent bonus GFA for balcony. The maximum number allowed would be 168 units based on the minimum average size control of 70 sqm.

The Upper Bukit Timah area is a prime residential enclave which appeals to both locals and expatriates due to its proximities to good schools, wide array of eateries and amenities in an exclusive and tranquil private housing estate. Being located on elevated ground, the developer could create a boutique development that offers views towards the Bukit Timah Hill and reserve.

Mr. Tan Hong Boon, Regional Director at JLL says, “The successful sale price of $102.75 million reflects a land rate of approximately $941 psf per plot ratio, including an estimated premium to top up the lease to a fresh 99-year term of approximately $17 million. As the site has a high development baseline, there will be no development charge even for the 10 per cent bonus GFA for balcony. Should the developer maximize the GFA to GPR 1.54, the land rate would reflect $855 psf per plot ratio.”

“At this sale price, the owners would expect to receive gross sale proceeds of between $1.6 million and $3.3 million,” says Mr. Tan.

If you wish to receive further information and or discuss other properties sold or available for sale, phone or email Tan Hong Boon from JLL via the contact details below.

Similar to this:

Kismis View development site launched for sale in Singapore

New opportunity launched as Singapore’s collective sales ramp up

Singapore’s collective sales market booming