Updated, Feb 12, 2018, 5:48 p.m.

Singapore listed property developer Roxy-Pacific Holdings is acquiring a bungalow site of 9,473 sq ft at 19 Lorong Kismis for $5.688 million, in a joint venture with TE2 Development, a private family office of Teo Tong Lam, the group managing director of Tong Eng Group.

The price translates to $800 psf ppr, including DC of $4.923 million to redevelop the site, according Roxy-Pacific in a statement. The site has a plot ratio of 1.4.

Roxy-Pacific and TE2 had purchased the neighbouring site en bloc for $102.75 million ($855 psf ppr) last month. It was the 43-unit Kismis View. The joint venture partners intend to amalgamate both sites which will result in a combined land area of 100,366 sq ft.

The GFA will therefore be 140,171 sq ft, and after factoring in a 10% bonus GFA for balcony space, the maximum GFA of the combined site will be 154,519 sq ft. The price will therefore be reduced to $847 psf ppr. The combined site can be redeveloped into a new residential project with 186 units, according to Roxy-Pacific.

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