Camay Court, a freehold residential redevelopment site in District 15, has been put up for sale.
It currently comprises 23 walk-up apartments, with unit sizes ranging from 114 square metres to 131 square metres.
Marketing agent Knight Frank said the site, situated in a residential enclave along Lorong M Telok Kurau, has a land area of 2,966 square metres.
The 2008 Master Plan has designated the site for residential use at a plot ratio of 1.4.
Camy Court is located near shopping amenities such as Kembangan Plaza, Siglap Shopping Centre and Katong Mall, as well as schools such as St Patrick’s School, CHIJ Katong and Tao Nan School.
“The Camay Court site has the potential to be redeveloped to about 61 units of boutique apartments at an average size of 800 sq ft per unit,” said Ian Loh, Knight Frank’s associate director of investment.
“The average selling price for the new development is expected to be at least around S$1,400 psf,” he added.
Knight Frank said the guide price for the property is S$32 million, which translates to a land price of S$689 per sq ft (psf) based on the potential gross floor area of approximately 49,172 sq ft, inclusive of an additional 10 per cent balcony.
The tender will close on March 1 at 3.00pm.
Source : Channel NewsAsia – 19 Jan 2011