Chong Kim Apartment, a freehold development at Bassein Road, will be launched for collective sale by public tender on Thursday.
It is expected to fetch around S$40 million, including the estimated development charge of about S$3.7 million.
This works out to some S$842 per square foot of potential gross floor area.
Each owner of the 25-unit development may get between S$1.23 million and S$2.9 million depending on the unit type.
The 15,359 square foot site is zoned for residential use with a gross plot ratio of 2.8. It also has an allowable height of up to 36-storeys.
The site can be combined with an adjoining state land of about 1,500 square feet.
Subject to approvals, the new development can potentially be built up to a gross floor area of 51,926 square feet, giving rise to about 90 apartments of 550 square feet each.
The tender will close on the May 12 at 3 pm.
Source : Channel NewsAsia – 13 Apr 2011