Brookvale Park, a four-storey condominium nestled in the Sunset Way estate, has been put up for sale by public tender.
Marketing agent CB Richard Ellis (CBRE) said the 999-year residential site has a land area of 373,000 square feet and a permissible building height of up to 12 storeys.
It is located close to amenities and is a short drive to education institutions like Ngee Ann Polytechnic and the National University of Singapore.
It also has easy access to Orchard Road via Holland Road; as well as the Central Business District (CBD) and Marina Bay area via Ayer Rajah Expressway (AYE).
CBRE said the asking price for Brookvale Park is S$550 million.
Charles Hoon, director of investment properties, CB Richard Ellis, said: “Developers can take advantage of the site’s unique hilly characteristics to incorporate balconies into their design scheme.
“The additional 10 per cent bonus balcony (subject to paying a Development Charge) will bring the land price to S$892 psf per plot ratio.”
This means a potential break-even price of below S$1,400 psf.
New residential launches including The Trizon, Jardin, The Floridian, and The Cascadia have transacted between S$1,600 and over $2,000 psf, Mr Hoon said.
He added: “We expect strong local and foreign interest, in particular, parties who are considering a ‘freehold equivalent’ site in prime District 21. Brookvale Park is likely to be the only condominium site available in this locality.”
The tender will close on July 28 at 3pm.
Source : Channel NewsAsia – 20 Jun 2011