JLL has orchestrated yet another business deal to help Occupiers, Developers and Investors achieve their ambitions. In end November 2017, it had put up Leasehold Condo Kismis View of Upper Bukit Timah en-bloc (collective sale) for S$102m.
The Bid results on (19th Jan. 2018) has witnessed exhilaration in the offices of RP Ventures Pte Ltd (a subsidiary of Roxy-Pacific Holdings Ltd) and Te2 Development which is a Private Family Office of Mr. Teo Tong Lim MD of Tong Eng Group.
Acquisition of Kismis View at S$102.75m would be the third joint venture of these two Companies in 60-40 ratio.
This is the 2nd Collective sale in January after Park West Condo En Bloc was sold.
Built in 1984 by Capital Realty Pte Ltd, the Kismis View had been a 43-unit development at Lorong Kismis in District 21. As a tranquil estate yet with proximity to good schools and amenities, it had been a well sought after prime residential enclave.
The present Developers might take advantage of its elevated location overlooking Bukit Timah Hill and Nature Reserve to create a Boutique Development.
This condo would fall under the low-density residential areas with Gross Plot Ratio (GPR) of 1.4, under the Master Plan of URA.
Further, according to the Maximum Allowable Number of Dwelling Units Guideline, the Developers could redevelop this 90,863 square feet site into a maximum of 168 units up to five floors.
The total Gross Floor Area (GFA) would work out to 139,929 square feet including a 10% bonus GFA for Balcony. With a high Development Baseline, no development charges will be included not even for the 10% bonus GFA for Balcony.
With 64 years left on its lease, the sale price S$102.75m would include a premium of S$17m topped up to refresh the lease term to 99-years again.
The Sale Price would also indicate a land rate at S$941 psf ppr. Further, the present owners could expect to receive between S$1.6m and S$3.3m towards the gross proceeds of sales.
These facts and figures has been released by the jubilant JLL team represented by its Regional Director, Mr. Tan Hong Boon.