Jokes about Bukit Timah Hill being the highest mount in Singapore may have to be put aside as the owners of Kismis View condo are now all smiles about their recent coup.
Kismis View condominium sold en bloc for $102.75 million
The 43-unit Kismis View condominium in district 10 has just been sold en bloc to a 60-40 joint venture between Roxy-Pacific subsidiary RP Ventures and TE2 Development. The Upper Bukit Timah project was sold for $102.75 million with each owner receiving gross sale proceeds of between $1.6 million to $3.3 million. The number of units allowed to be built on the 90,863 sq ft is almost triple the existing 43 units.
The site has a gross plot ratio of 1.4 and can be redeveloped into a 5-storey apartment block with a maximum of 168 units based on the minimum average size limit of 70 sqm.
The $102.75 million selling price translates to a $941 psf ppr land rate which includes an estimated $17 million premium to top up the lease to a fresh 99-year term.
Upper Bukit Timah a popular area with both expatriates and locals
The Bukit Timah and Upper Bukit Timah area have been seeing quite a bit of en bloc activity of late. The 2 most recent properties in the area to also enter the collective sale market were The Hollandia and Balmoral Gardens. The former is nearer Holland Village and the latter is in the city fringes near Newton.
While Kismis View is not situated along the main Bukit Timah stretch, it is located near Beauty World MRT station, Ngee Ann Polytechnic and many other eateries in Jurong Kechil.
On top of that, quite literally, the Kismis View estate is situated on elevated ground, providing the future development with possibly panoramic views of Bukit Timah Hill and the Bukit Timah Nature Reserve. The surroundings create the sense of a private residential enclave which appeals to both locals and expatriates.