Roxy-Pacific to buy freehold residential site near Marine Parade for S$21.5 million

Property developer Roxy-Pacific has agreed to acquire a freehold residential site near Marine Parade for S$21.5 million, it said in a bourse filing on Wednesday.

The plot, at 26 Sea Avenue, has a total land area of 19,474 sq ft and an existing plot ratio of 1.4 under the 2014 Master Plan for residential apartment development.

For that size, the purchase sum works out to roughly S$789 per sq ft per plot ratio.

The acquisition, done through its unit Roxy Capital, will be financed by internal funds and bank borrowings and is not expected to have a material impact on the group’s earnings and net tangible assets per share for the current financial year, it said.

Roxy-Pacific shares were not traded on Wednesday. The counter last traded at S$0.49 on Tuesday, half a cent up from Monday.

Source: The Business Times, 30 September 2015

Shophouses in Geylang up for sale at S$1,350 psf

A ROW of five adjoining shophouses under a single title along 236-244 Geylang Road has been put up for sale by broker JLL.

The indicative price for the freehold property is S$28.8 million, or around S$1,350 psf on the total built-up area of 21,349 sq ft.

The property is held under a single title, and has seven carpark lots. There is a Chinese restaurant and a provision shop on the ground floor, and an office and an association on the upper floors.

Earlier this year, OCBC sold a shophouse at 382 Geylang Road, which has a built-up area of around 3,300 sq ft, for S$5.1 million. This works out to S$1,545 psf on the built-up area.

According to the Urban Redevelopment Authority (URA) website, a strata-titled shophouse in the Geylang Conservation Area went for S$4 million in February 2014.

Source: The Business Times, 30 September 2015