Roxy-Pacific associate buys prime residential sites on Moulmein Rise for $106 mil

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/ EdgeProp
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May 30, 2018 8:22 PM SGT
RH Novena Pte Ltd, an indirect associated company of Singapore-listed property developer Roxy-Pacific, has acquired two adjacent freehold sites on Moulmein Rise for $106 million. The deal was handled by Sakal Real Estate Partners. The two sites in prime District 11 were put up for sale in March for $110 million ($1,525 psf per plot ratio).
Located on 27 Moulmein Rise, at the junction of Moulmein Rise and Sinaran Drive, the sites have a combined area of 22,198 sq ft. They can be redeveloped into a 20-storey residential development with a maximum gross floor area of 72,003 sq ft. They are adjacent to the upcoming Health City Novena, a 17-hectare integrated masterplan area comprising health services, research, education, commercial, leisure and public spaces. It is expected to be completed by 2030.
 - EDGEPROP SINGAPORE
The two adjacent freehold sites on Moulmein Rise were acquired for $106 million (Picture: Sakal Real Estate Partners)
The sites’ proximity to the Novena MRT Station, a plethora of nearby retail & F&B offerings, and the progressive completion of the Health City Novena “will continue to underpin both investor and occupier demand for high quality residences in this area for a long time to come”, says Steven Ming, managing director at Sakal.
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Roxy-Pacific launched its newest residential development, Harbour View Gardens, on April 1. To date, more than 52 (91%) out of 57 units launched for sale have been snapped up at an average psf price of about $1,757.