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News Release

Singapore

Land at Wilkie Terrace sold to Roxy-Pacific Holdings for $24.5 million



SINGAPORE, 3 January 2013 – A land parcel at 13/15 Wilkie Terrace, off Dhoby Ghuat/ Selegie Road has been sold to a subsidiary of Roxy-Pacific Holdings in a private treaty deal. The sale was brokered by Jones Lang LaSalle. This marks Roxy-Pacific’s third purchase in the vicinity in six months, the other two being Sophia Mansions at Adis Road and 7/9/11 Wilkie Terrace which adjoins the subject site. Both these transactions were handled by property consultant and collective sale specialists, Credo Real Estate before its merger with Jones Lang LaSalle.

The 9,324 sf freehold site currently houses a bungalow owned by a family. Under the 2008 Master Plan, the site is zoned for a ‘Residential’ development with an allowable Gross Plot Ratio (GPR) of 2.1 and a maximum building height of 36m AMSL (Above Mean Sea Level).

The sale price of $24.5 million reflects a land rate of $1,259 psf per plot ratio based on GPR 2.1, after factoring in a marginal development charge.  

Mr Karamjit Singh, Head of Investments & Residential, Jones Lang LaSalle comments: “The narrowing gap in land prices between the upper and lower ends of the residential market is causing some developers to shift their attention to freehold land in more central locations. Some may be building up their land banks in anticipation of an upswing in the higher end of the market.”

“Mount Sophia is situated in the heart of Singapore’s Education, Arts & Cultural District with an interesting mix of conservation shophouses, retail offerings and educational institutions such as the School of the Arts (SOTA), LaSalle College of the Arts, Nanyang Fine Arts Academy (NAFA), etc. The student population has injected vibrancy and added buzz to the area.”

“The site is about 500 metres from the upcoming Rochor MRT Station, part of the Downtown Line, which is expected to commence operations in two years’ time. By the time the new development is completed, the Downtown Line would have been up and running, thereby enhancing accessibility to other parts of the island,” adds Mr Singh. 

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Notes to editors
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management.

Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 22,200 employees operating in 79 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was highly commended in a further three countries. For further information, please visit www.joneslanglasalle.com.sg, www.jllresidential.com/sg 200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39–00 Republic Plaza Singapore 048619