A unit of Singapore-listed Top Global Limited has acquired the 45-unit Braddell Park apartment at Jalan Lateh for S$85 million (around S$665 psf ppr).
Located off Braddell Road and Upper Serangoon Road, the apartment complex sits on a 91,360 sq ft freehold land site and is zoned for residential use under the 2008 Master Plan. It has a plot ratio of 1.4 and an allowable height of up to five storeys.
Credo Real Estate, which brokered the deal, said the Singapore Land Authority (SLA) has granted an in-principle approval for the sale of an adjoining piece of land measuring 6,540 sq ft. This allows the purchaser to enlarge the site to approximately 97,900 sq ft and generate a gross floor area (GFA) of up to 137,060 sq ft, enough to develop a new condo project with 130 units averaging 1,000 sq ft, depending on the configuration and layout.
It noted that if the developer decides to acquire the adjoining site, the effective land rate of the amalgamated site may be lowered to S$639 psf ppr.
“The locality has seen major transformations with NEX mall at Serangoon Central and the completion of the MRT interchange between the North-East Line and the Circle Line,” said Tan Hong Boon, Deputy Managing Director of Credo.
“Coincidentally, the Woodleigh MRT station, which is some 350 m away from the site, commenced operations today after being closed in 2003.”
Source : PropertyGuru – 21 Jun 2011