Roxy-Pacific and Tong Eng to roll out two residential projects in July

The joint-venture partners will launch the 85-unit Wilshire Residences and preview the 186-unit View at Kismis, two projects developed on sites purchased en bloc early last year

The show suite of a two-bedroom-plus guest unit at Wilshire Residences (Credit: Samuel Isaac Chua/EdgeProp Singapore)
In January 2018, Teo Hong Lim, executive chairman and CEO of Singapore-listed Roxy-Pacific Holdings, and Terence Teo, director of family-controlled Tong Eng Group, decided to lock in several residential development sites before en bloc sales in Singapore reached fever pitch. As such, they found themselves spending a lot of time together, even an entire night once.
It was on the night of Jan 25, 2018, when the two Teos discussed legal terms while the collective sale committee of the 20-unit The Wilshire went through the final details and terms of the sale. It was only at 5am the next morning that the en bloc sale of The Wilshire was finalised at $98.8 million or $1,536 psf per plot ratio (psf ppr), with a deal announced later that day.
Eventually, The Wilshire was purchased by a joint venture made up of three parties: TE2, the private family office of Teo Tong Lim, group managing director of Tong Eng Group (and Terence’s father), with a 45% stake; Roxy-Pacific with 40%; and investment company Kim Seng Holdings, headed by Tan Kim Seng, holding the remaining 15%.
Teo Tong Lim (left) of Tong Eng Group and Teo Hong Lim of Roxy-Pacific Holdings are business partners but are not related despite sharing the same surname (Credit: Samuel Isaac Chua/EdgeProp Singapore)

Common interests

Despite sharing the same surname (Teo) and very similar-sounding given names, Roxy-Pacific’s Hong Lim and Tong Eng’s Tong Lim are not related. Roxy-Pacific was established by Teo Hong Lim’s father in May 1967, and was listed on the Singapore Exchange in 2008. Projects launched by Roxy-Pacific early this year include the 140-unit RV Altitude on River Valley Road in prime District 9, and the 71-unit Fyve Derbyshire on Derbyshire Road in prime District 11.
Meanwhile, Tong Eng Group, which started in the 1940s as Tong Eng Brothers, is...