2 property owners hope to fetch S$30m for adjacent bungalows

Two owners in the Mountbatten area are jointly putting up their adjacent bungalows for sale for some S$30 million.

Property consultant Cushman & Wakefield said the freehold units at 6 and 8 Margate Road have a combined land area of 24,000 square feet.

The property is zoned for high rise residential development of up to 24 storeys. It has a plot ratio of 2.1, allowing a maximum gross floor area of 50,404 square feet.

According to Cushman & Wakefield, the combined plot of land can allow the new developer to construct between 55 and 60 units with average sizes of 850 square feet.

It added that small concept apartments have been making headlines last year and sold well due to the affordability factor.

The property is expected to fetch in excess of S$30 million.

Source : Channel NewsAsia – 17 Mar 2010

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