Roxy-Pacific Holdings buys Wilkie Terrace land parcel for $24.5m

Sale price reflects land rate of $1,258 psf.

In a press release, property consultant Jones Land LaSalle, which brokered the the transaction, said that the 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.

"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," added 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.