Bougainville Maisonette Apartments in the Joo Chiat area has been sold to an associated company of Teambuild for S$8.8 million in an en-bloc sale.
The transacted price represents S$308 per square foot per plot ratio, including an estimated development charge of S$86,000. According to United Premas, which brokered the deal, the sale will set a benchmark for land sales in the Joo Chiat vicinity.
Bougainville Maisonette Apartments comprises 8 walk-up units at 160A to 166A Joo Chiat Terrace.
On average, each owner is expected to receive S$1.1 million, which represents a collective sale premium of over 40 percent.
Under the 2003 Master Plan, the freehold site of more than 20,000 (20,576) square feet is zoned for residential use.
It has a plot ratio of 1.4 and a height limit of 5-storeys.
The regular-shaped plot could be redeveloped into a boutique project of 27 residential units averaging 1,000 square feet each.
The buyer, Teambuild, is a home-grown company which is moving beyond its core construction activities to property development.
Some of its private residential projects include the Ecoville in Balestier, and the soon-to-be-launched One @ Pulasan at No. 1 Pulasan Road.
Source: Channel NewsAsia, 22 November 2006