Kismis View site sold for $102.75 million
SINGAPORE, 19 January 2018 – Kismis View, a 43-unit development at Lorong Kismis, has been sold to a joint-venture of RP VENTURES PTE. LTD. (a subsidiary of Roxy-Pacific Holdings Limited) and TE2 DEVELOPMENT PTE. LTD. (a private family office of Tong Eng Group's Group Managing Director Mr. Teo Tong Lim) by sole marketing agent, JLL.
Under the 2014 Master Plan, the 90,863 sq ft site is zoned ‘Residential’ with a Gross Plot Ratio (“GPR”) of 1.4. The site may be redeveloped into a low-rise apartment development of up to 5 storeys, with a total Gross Floor Area (“GFA”) of about 139,929 sq ft including a 10 per cent bonus GFA for balcony. The maximum number allowed would be 168 units based on the minimum average size control of 70 sqm.
The Upper Bukit Timah area is a prime residential enclave which appeals to both locals and expatriates due to its proximities to good schools, wide array of eateries and amenities in an exclusive and tranquil private housing estate. Being located on elevated ground, the developer could create a boutique development that offers views towards the Bukit Timah Hill and reserve.
Mr. Tan Hong Boon, Regional Director at JLL says, “The successful sale price of $102.75 million reflects a land rate of approximately $941 psf per plot ratio, including an estimated premium to top up the lease to a fresh 99-year term of approximately $17 million. As the site has a high development baseline, there will be no development charge even for the 10 per cent bonus GFA for balcony. Should the developer maximize the GFA to GPR 1.54, the land rate would reflect $855 psf per plot ratio.”
“At this sale price, the owners would expect to receive gross sale proceeds of between $1.6 million and $3.3 million,” says Mr. Tan.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
JLL has over 50 years of experience in Asia Pacific, with 36,900 employees operating in 96 offices in 16 countries across the region. The firm won the ‘World’s Best’ and ‘Best in Asia Pacific’ International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the sixth consecutive year by Real Capital Analytics. www.ap.jll.com.