Roxy-Pacific and TE2 acquire The Wilshire for $98.8 mil

By
/ EdgeProp
|
January 26, 2018 7:02 PM SGT
The Wilshire on Farrer Road was sold to a joint-venture between Singapore-listed property group, Roxy-Pacific Holdings and the privately held TE2 Development for $98.8 million. The purchase price translates to a land rate of $1,536 psf per plot ratio (ppr). Given its high development baseline, there is no development charge payable. The land rate would be reduced to $1,455 psf ppr after allowing a development charge of $4.1 million for the 10% bonus GFA balcony space, according to Suzie Mok, Savills Singapore senior director of investment sales who brokered the deal.
TE2 Development is a private family office of Tong Eng Group’s managing director Teo Tong Lim. A week ago, TE2 Development and Roxy-Pacific acquired the 43-unit Kismis View en bloc for $102.75 million. The price translates to a land rate of $941 psf ppr including $17 million payable for topping up the lease to a fresh 99-years.
Each owner is expected to receive proceeds ranging from $3.76 to $7.46 million from the collective sale (credit: Savills)
The Wilshire sits on a freehold site of 39,130 sq ft. Based on the Master Plan 2014, it is zoned for residential use with a plot ratio of 1.6. The site can be redeveloped up to a height limit of 12 storeys with a maximum gross floor area of 64,310 sq ft.
ADVERTISEMENT
The existing eight-storey building at The Wilshire contains 20 units sized from 2,196 to 5,662 sq ft. Each owner is expected to receive proceeds ranging from $3.76 to $7.46 million from the collective sale. The sale price is just slightly higher than the asking price of $98.07 million ($1,525 psf ppr) announced when the property was launched for sale in December.