A mixed-use freehold development at Cactus Road, off Yio Chu Kang Road, has been put up for collective sale with an expected price tag of S$80 million to S$85 million.
The site area is 73,098 square feet and the existing development was built in the 1980s.
It has been zoned as a residential with commercial at 1st Storey and has a Gross Plot Ratio (GPR) of 1.4 with an allowable height of up to four storeys.
More than 80 per cent of the owners have already signed the collective sale agreement to sell the property, said marketing agent Credo Real Estate.
Credo said that depending on the quantum of the commercial and residential GFA proposed, the prices reflect an equivalent land rate of approximately S$712 per square foot per plot ratio (psf ppr) to S$751 psf ppr.
This is for redevelopment up to a GPR of 1.4 and after factoring in the state land parcels and a development charge.
“The subject site has a lot of potential due to its proximity to the upcoming 320-hectare Seletar Aerospace Park,” said Yong Choon Fah, executive director at Credo Real Estate.
She added that demand from a new development on the site will likely come from people working in the aviation industry.
Source : Channel NewsAsia – 1 Feb 2012