Yi Mei Garden sold for S$136m

Yi Mei Garden on Tampines Road in Singapore recently sold for S$136 million (US$107 million) to Roxy Pacific Holdings. The price was inclusive a development charge of S$4 million (US$3 million).

The freehold property is S$856 (US$678) per sq ft and is spread over a land area of 78,030 sq ft. Under Master Plan 2008 the site is earmarked for residential use with a 2.1 plot ratio – the maximum gross floor area to land area.

Built in 1984, Yi Mei Garden is currently a 14-storey residential block comprising of 44 apartments and four penthouses.

Roxy Pacific Holdings said in a statutory filling with Singapore Exchange yesterday that the acquisition is subject to approval of the collective sale by the Strata Titles Board of the High Court

It could potentially yield an achievable proposed gross floor area of 163,863 sq ft, which could be redeveloped in to two towers.

The development is located near the Kovan MRT Station, just minutes drive from Orchard Road shopping district.

The site was put up for collective sale by public tender last month.

Source PropReport – 19 Jun 2013

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