Roxy Pacific Unit, TE2 Acquire The Wilshire For $98.8mil
A combined venture of TE2 Development Pte Ltd and RP Ventures Pte Ltd has grabbed the Wilshire for the price value of $98.8 million, which is equivalent to a land rate of $1,536 psf per plot ratio (ppr), revealed the Savills Singapore while brokering the deal.
Roxy Pacific Holding’s subsidiary being RP Ventures Pte Ltd and TE2 Development Pte Ltd being private family office of Teo Tong Lim, Tong Eng Group’s managing director.
With an area covering 3,635.3 sqm (or 39,130 sq ft), the site is presently comprised eight-storey blocks with 20 apartment units in a range between 2,196 sqft and 5,662 sqft.
The site is specifically zoned for residential use under 2014 Master Plan with the plot ratio of 1.6. It could also be redeveloped to 12 storeys building, with a maximal gross floor area (GFA) of 5,974.61 sqm (64,310 sqft.).
The site being located in the area around Farrer/Holland, The Wilshire is nearby main shopping belts of Orchard Road including trending eateries in Dempsey and Holland V.