Jade Towers sold for S$106.27m

Jade Towers sold for S$106.27m

Jade Towers, a residential development in the Upper Serangoon area, has been sold to Roxy Residential – a wholly-owned subsidiary of Singapore-listed Roxy Pacific – for S$106.27 million according to Channel NewsAsia.

The sales price translates to a unit land rate of S$807 per square foot per plot ratio and no development charge is payable.

Each owner can potentially receive gross sale proceeds of approximately S$1.476 million or S$1,016 psf on strata area.

This is higher than the S$700 to S$750 psf price if the apartments were to be sold individually in the secondary market.

The site spanning 92,412 sq ft can potentially be redeveloped into a condominium development with up to a maximum of 171 apartments averaging 753 sq ft. The breakeven cost is estimated to be between S$1,200 and S$1,250 psf.

The sale is subject to Strata Titles Board approval.

Source: Channel NewsAsia – 26 April 2012