Freehold residential site Wilshire sold for $98m

It was sold to a joint venture led by Roxy-Pacific Holdings.

The residential development in 22 Farrer Road, known as Wilshire, has been sold for $98m.

According to an announcement, the buyers comprise Roxy-Pacific Holdings Limited's subsidiary RP Ventures Pte. Ltd. and its joint venture partner, TE2 Development Pte. Ltd.

The said freehold residential site has an estimated total land area of 39,130 sqft, with a plot ratio of 1.6 under the Master Plan 2014 for residential development.

The purchase and redevelopment will be handled by a new company, wherein RP Ventures Pte. Ltd. will hold 40%, whilst TE2 Development Pte. Ltd. and Kim Seng Holdings Pte. Ltd. shall hold 45% and 15%, respectively.