Singapore Property | The Tong Eng Group who is managed by Group Managing Director Teo Tong Lim had been shaping lives since the 1950s and had developed some of the notable projects and development across different sectors of real estate. Whereas Roxy-Pacific Holdings Limited who had been established since 1967 and had emerged prominence in property and hospitality group within the Asia Pacific through the skilled management of its Executive Chairman and Chief Executive Officer, Teo Hong Lim.
Over the years both developers have continued to develop real estate in a different sector comprising land housing, condominiums, apartment, offices, and retail malls. But in January 2018, these two companies have sealed and joined hands in developing numerous residential sites before en bloc sales in Singapore surge up.
With the collective cooperation of both teams, two residential units have been sealed up for joint development.
First is the Kismis View, known as View at Kismis, which was purchased at $102.75 million in a 60:40 ratio of holdings between the two companies. And in order to create a larger site, an adjacent bungalow to Kismis was purchased at $5.7 million giving a total of 100,336 square foot for Kismis development.
More on Two Residential Sites To Be Launched By Partners Tong Eng Group And Roxy-Pacific This July
The second venture was The Wilshire which details and terms of sale were finalized on January 25, 2018, and called a closed deal at $98.8 million which were announced on the same day. However, it eventually had been ventured by three parties: TE2 of Tong Eng Group, Roxy Pacific, and investment company Kim Seng Holdings headed by Tan Kim Seng with shareholdings of 45 percent stake, 40 percent, and 14 percent respectively.
Currently, after 18 months of venturing together, the two partner companies will officially launch new projects on two sites. The redeveloped elevated 12-storey Wilshire Residences with 85-units ranging from 1-4 bedroom units and 6 penthouses situated on main District 10 of Farrer Road which features roof terraces and has a perfect view of Botanical gardens is scheduled to launch on July 6.
On the other hand, the View at Kismis with 186-unit comprising of two-to-five-bedroom apartments showcases good value for money is set to have preview late of July. The prices for both projects are still to be set; however, partners ensure it will be on a competitive reasonable price in with a good value considering the locations and the structure itself.