Tag Archives: Spottiswoode 18

Roxy-Pacific Q1 net profit up 31%

Property and hospitality group Roxy-Pacific Holdings posted a 31 percent rise in net profit to S$11.8 million in the first quarter of 2013 from S$9.0 million over the same period last year.

Gross profit also increased to S$18.3 million, up 10 percent from last year’s S$16.6 million, while revenue surged 41 percent to S$53.7 million from S$38.1 million.

“We are pleased to begin this new financial year with a strong set of first quarter results. The group’s earnings growth came on the back of positive performance from our property development and property investment segments and higher share of results from associates,” said Teo Hong Lim, Executive Chairman and CEO of Roxy-Pacific.

The firm’s property development business saw a 72 percent growth in turnover from S$24.6 million in Q1 2012 to S$42.4 million in Q1 this year, accounting for 72 percent of the group’s total revenue. The increase was due to revenue achieved from six projects – The MKZ, Treescape, Spottiswoode 18, Straits Residences, Space@Kovan and Jupiter 18.

At the same time, hotel ownership accounted for 20 percent of the total revenue, while the remainder came from property investment.

Source : PropGuru – 6 May 2013

Dragon Mansion site up for en bloc sale

Prime residential freehold property Dragon Mansion at 14, Spottiswoode Park, has been put up for collective sale by tender by its sole marketing agent Jones Lang LaSalle.

The site has a redevelopment area of 39,176 sq ft, including another plot housing a substation.

The gross plot ratio is 2.8 and the new property can be built up to 36 storeys. There is no development charge payable.

Subject to approval, an adjoining plot of state land of 1,167 sq ft costing about S$1.22 million could be added.

This will bring the total potential gross floor area to 112,959 sq ft. It can yield about 112 apartment units at 950 sq ft each, said Jones Lang LaSalle.

Dragon Mansion is within walking distance of Outram Park MRT Station and Tanjong Pagar MRT Station and a short drive away from the Central Business District and daily amenities.

The indicative price is between S$150 million and S$156 million, or from S$1,340 to S$1,392 psf per plot ratio, said Jones Lang LaSalle.

Another Dragon Mansion site, located at 18, Spottiswoode Park, was sold to Roxy-Pacific’s subsidiary Roxy Land in December 2009 for S$100.8 million.

It has since been redeveloped into the new Spottiswoode 18.
Source : Today – 31 May 2011