Credo Real Estate launches collective sale of Culford Garden at Siglap

Property consultants Credo Real Estate has launched the tender of Culford Garden at Siglap with an asking price of between S$37 million and S$40 million.

At that price, each unit owner can expect to get between S$1.54 million to S$1.66 million from the en bloc deal.

The collective sale site has a land area of 44,000 sq ft and comprises 24-units which are mainly three-bedroom apartments.

The site is zoned for residential development up to a Gross Plot Ratio of 1.4 and an allowable height of five storeys.

The total Gross Floor Area or GFA allowed is about 68,000 square feet and it can be redeveloped into approximately 65 apartment units with an average size of 1,000 square feet.

Managing director of Credo Real Estate Karamjit Singh said the asking price for the en bloc sale translates to about S$545 to S$589 per square foot on potential GFA, including balconies.

He added that at this price range, a developer may expect to break-even at about S$950 to S$1,000 per square foot.

The tender for Culford Garden closes on April 8 at 2.30 pm.

Source : Channel NewsAsia – 17 Mar 2010

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