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News Release

Singapore

Collective Sale of Westvale Condominium Sold for $77,500,000


 

SINGAPORE, 22 June 2012 – Jones Lang LaSalle has successfully awarded the Westvale Condominium, collective sale site through a tender sale to RL West Pte Ltd, a wholly owned subsidiary of Roxy Pacific Holdings Ltd for $77,500,000.
 
This reflects a land cost of approximately $883 psf ppr with no development charge at a plot ratio 1.4. Each owner will receive gross sale proceeds ranging from approximately $2.2 million to $3.1 million reflecting a premium of above 50% on the current market price.
 
The 62,710 sq ft site zoned for ‘Residential’ use with a gross plot ratio of up to 1.4 can be built up to 5 storeys. The freehold site has a potential gross floor area of up to 87,798 sq ft based on the URA Master Plan 2008.
 
Westvale Condominium is situated along Pasir Panjang Road. It consists of a total of 32 apartments located in one 4-storey walk up block. Over 80% of the owners have consented to the sale and this sale is subjected to the Strata Titles Boards’ (STB) approval.
 

 

Westvale Condominium is located within walking distance to the National University of Singapore Campus, the National University Hospital and the Singapore Science Parks. It is also only a five minute drive away from Mapletree Business City, Alexandra Technopark, Biopolis Hub and Mediapolis Hub.

 

 
The subject site is also within close proximity to many renowned schools and institutions such as National University of Singapore, INSEAD, Singapore Polytechnic, United World College (SEA), Anglo-Chinese Junior College, Anglo-Chinese School (Independent), Fairfield Primary and Secondary School, The Japanese Supplementary School, and the Japanese Secondary School.
 

 

Mr Nicholas Ng, Associate Director of Investments at Jones Lang LaSalle, comments “There was strong interest in the site during tender closing despite the restriction on the number of units allowed on the site with 1.4 plot ratio imposed last year in November by URA.  The number and quantum of the bids submitted reflected the developers’ confidence in an exclusive freehold low rise residential redevelopment site which is set amongst  greenery yet highly accessible to the CBD and future Jurong Lake District, which is poised to be Singapore’s largest regional hub outside the city centre. ”
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