Cushman & Wakefield has brokered the sale of a freehold residential development site located at 217 – 223A Guillemard Road and 1 – 21A Jalan Molek (the “Property”) at a sale price of $93 million to RL East Pte. Ltd., a subsidiary of Roxy-Pacific Holdings Limited.
Sitting on a total site area of 3,449.60 sq m (approx. 37,131sq ft), the Property currently comprises 15 adjoining two-storey terrace houses. A written permission has already been obtained for the proposed construction of a part-5/part-8 residential development with 137 units and a maximum GFA of 10,624.77 sq m (approx. 114,364 sq ft), inclusive of 10% bonus balcony area.
Shaun Poh, Executive Director, Capital Markets, who led the negotiations, said “The sale of this development site is the largest private residential transaction to date this year and signals the return of developers’ confidence. Over the next few quarters, we believe more developers will enter the market to replenish their residential land banks given the healthy take-up of the recent project sales since the easing of controls on movements in Singapore and other parts of Asia”.