Chong Kim Apartment launched for collective sale

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

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