By Michelle Tan

SINGAPORE – Two freehold residential redevelopment sites located at Balestier have been put up for collective sale by tender, with Jones Lang LaSalle being the sole marketing agent for both properties.

The first site (site A) has a gross plot ratio of 2.8 and can be amalgamated with an adjoining piece of state land of about 1,439 square feet (sq ft) to yield a total gross floor area of 74,151 sq ft, or 88 home units with an average size of 800 sq ft.

The second parcel (site B) also has a gross plot ratio of 2.8 and can be combined with an adjoining parcel of state land of about 2,832 sq ft to be redeveloped into a 107-unit development comprising units of 800 sq ft, with a total potential gross floor area of 90,179 sq ft. Height-wise, the sites, located along 2 to 16 (even numbers only) Kim Keat Lane, 1 to 19, 21 and 23 Kim Keat Close, can be built up to a maximum building height of 36 storeys.

The indicative price range for the respective plots are in the region of $68 million (about $940 psf per plot ratio) for site A and $81 million (about $940 psf per plot ratio) for site B, subject to the tender process. The amounts have factored in a development charge of about $745,000 as well as a $4.45 million land premium, said Jones Lang LaSalle.

A total of 76 strata apartments and eight commercial units occupy the four blocks of three-storey buildings.

Said Stella Hoh, national director and head of investments at Jones Lang LaSalle: “The subject sites offer potential developers an opportunity to acquire two prime plots of land in the city fringe area. Potential developers have the flexibility to submit bids for either or both parcels of land.”

Located close to MRT stations such as Toa Payoh MRT Station, Novena MRT Station and Boon Keng MRT Station, consultants expect a healthy response to the tender which will close on March 1, 2012.

Singapore Property Match

This article was first published in The Business Times.

The first site (site A) has a gross plot ratio of 2.8 and can be amalgamated with an adjoining piece of state land of about 1,439 square feet (sq ft) to yield a total gross floor area of 74,151 sq ft, or 88 home units with an average size of 800 sq ft.

The second parcel (site B) also has a gross plot ratio of 2.8 and can be combined with an adjoining parcel of state land of about 2,832 sq ft to be redeveloped into a 107-unit development comprising units of 800 sq ft, with a total potential gross floor area of 90,179 sq ft. Height-wise, the sites, located along 2 to 16 (even numbers only) Kim Keat Lane, 1 to 19, 21 and 23 Kim Keat Close, can be built up to a maximum building height of 36 storeys.

The indicative price range for the respective plots are in the region of $68 million (about $940 psf per plot ratio) for site A and $81 million (about $940 psf per plot ratio) for site B, subject to the tender process. The amounts have factored in a development charge of about $745,000 as well as a $4.45 million land premium, said Jones Lang LaSalle.

A total of 76 strata apartments and eight commercial units occupy the four blocks of three-storey buildings.

Said Stella Hoh, national director and head of investments at Jones Lang LaSalle: ‘The subject sites offer potential developers an opportunity to acquire two prime plots of land in the city fringe area. Potential developers have the flexibility to submit bids for either or both parcels of land.’

Located close to MRT stations such as Toa Payoh MRT Station, Novena MRT Station and Boon Keng MRT Station, consultants expect a healthy response to the tender which will close on March 1, 2012.

http://www.balestiersingapore.com

Source: Business Times © Singapore Press Holdings Ltd.

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AN EXECUTIVE CONDOMINIUM THAT ADDS COLOURS TO YOUR LIFE

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The most anticipated executive condominium project in the heart of Pasir Ris blending artistic vibes with a colourful home life.
There will be two to four-bedroom as well as penthouse units amid full condominium facilities.
Dual key access units are also available.

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launch invitations.                                                              E-mail right now!

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