Glenville, a 32-unit apartment block in Serangoon, has been sold to Urban Lofts for S$39.51 million in a collective sale.
Marketing agent Jones Lang LaSalle said the price works out to be about S$740 per square foot per plot ratio including a Development Charge of S$5.3 million, if payable.
Each of the apartment owners stand to receive gross sale proceeds ranging from S$1.179 to S$1.273 million.
The sale is subject to approval by the Strata Titles Board.
The 43,335 sq ft site is zoned for residential use with a gross plot ratio of up to 1.4. It can be built up to 5 storeys, yielding a potential gross floor area of up to 60,670 sq ft.
Jones Lang LaSalle said the site could potentially yield some 57 apartment units with an average size of 1,000 sq ft each.
Glenville is located near Serangoon MRT Station and the upcoming NEX mega mall.
Ms Stella Hoh, national director and head of investments at Jones Lang LaSalle, said: “With the upcoming NEX mega mall, interest in the vicinity has been renewed. This is shown by continued interest with a second site sold in the vicinity within one month by Jones Lang LaSalle.”
The other collective sale site, Naung Court, in Hougang was sold for S$28 million in late September.
Source : Channel NewsAsia – 8 Oct 2010