En Bloc Sale of The Wilshire

Savills Singapore is pleased to announce the sale of The Wilshire for S$98.8 million to a joint venture of TE2 Development Pte Ltd (a private family office of Tong Eng Group’s Managing Director, Mr Teo Tong Lim) and RP Ventures Pte Ltd (a subsidiary of Roxy-Pacific Holdings Limited) through an Enbloc Sale. The sale price reflects a unit land rate of approximately S$1,536 psf ppr. Given its high development baseline, there is no development charge payable. The land rate would be reduced to S$1,455 psf ppr after allowing a development charge of approximately S$ 4.1 m for the 10% bonus GFA balcony space.

The freehold site, approximately 3,635.3 sq m (or 39,130 sq ft), is currently occupied by a 8-storey block. Built in the 1980s, the development comprises 20 apartments ranging in size from 2,196 sq ft to 5,662 sq ft. Based on the Master Plan 2014, it is zoned for residential use with a plot ratio of 1.6. The site can be redeveloped up to a height limit of 12 storeys with a maximum permissible Gross Floor Area of 5,974.61 sq m (or 64,310 sq ft.).

The prime site lies in the established enclave of Farrer/Holland, a popular residential address in District 10, set amidst upscale residential condominiums, established international institutions and elite schools such as Nanyang Primary School (within 1km), the main shopping belt of Orchard Road and trendy eateries in Dempsey and Holland V.

“Quality boutique sites in the likes of The Wilshire which offer strong value proposition in terms of location, site attributes and pricing will continue to attract boutique and mid-sized developers who take the view of an upturn in the prime residential segment”, said Suzie Mok, senior director of Investment Sales at Savills Singapore, who brokered the deal.

She added, “As most of the successful collective sales sites have been concentrated in the non-prime districts, we believe similar transactions in the luxury market will be the next mover”.

At the sale price, the owners would expect to receive gross sale proceeds ranging from S$3.76 m to S$7.46 m.