Freehold residential sites up for en bloc

Two freehold residential sites have been relaunched for en bloc sale.

One of them is St Patrick’s Garden on St Patrick’s Road.

The property currently holds just under 100 units and sits on a 137,559 freehold land parcel.

It is zoned for “residential” use with an allowable gross plot ratio of 1.4.

The site can be re-developed into a five-storey residential development, which could make up over 175 units of 1,200 square feet each.

The other property being put up for en bloc again is Crystal Tower.

The development is 11-storeys high and comprises 28 units.

Under the 2008 Master Plan, it is zoned for “residential” use with an allowable gross plot ratio of 1.6.

It can potentially be re-developed into a 12-storey residential development comprising over 80 units of 1,200 square feet each.

Ms Tang Wei Leng, executive director of Investment Services at Colliers International, said: “Freehold sites that are in strategic locations, especially if they are realistically priced, are still highly sought after by developers.”

The tender for St Patrick’s Gardens closes on November 1 at 12:00 pm, while the tender for Crystal Tower closes on November 14 at 12:00 pm.

Source : Channel NewsAsia – 10 Oct 2011

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