Daisy Apartments up for en bloc

Daisy Apartments, a residential redevelopment site near Serangoon Gardens, is up for en bloc at an expected price of above S$14.5 million.

Property consultants Credo Real Estate said the freehold site is located at Daisy Road and has a land area of more than 13,000 square feet.

The land is zoned for Residential use at a plot ratio of 1.4 and an allowable height of up to five storeys.

All the owners of the 12-unit apartment development have signed a collective sale agreement to sell the property.

Credo said the potential buyer has the option of redeveloping the site to accommodate approximately 42 apartment units of average 500 square feet, depending on layout and configuration.

Including an estimated development charge of S$744,000 for the 10 per cent bonus gross floor area for balconies, the land rate reflects approximately S$727 per square foot per plot ratio.

Deputy Managing Director at Credo Real Estate Tan Hong Boon said the site is likely to attract keen interests from small boutique developers.

He added that the once sleepy neighbourhood has been gaining popularity among homebuyers especially with the opening of the nearby NEX mall at Serangoon Central.

The tender for Daisy Apartments closes at 2.30pm on August 3.

Source : Channel NewsAsia – 5 Jul 2011

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