Freehold residential development Grand Tower is up for collective sale for an indicative price of S$92 million.
This works out to about S$1,430 per square foot per plot ratio, said its sole marketing agent Savills Singapore.
Each owner is expected to get S$3.28 million from the sale.
The 33-year-old single tower block is located in Novena and is the development’s first collective sale.
Sitting on 27 Moulmein Rise and flanking Sinaran Drive, it comprises 28 apartment units with an area of 1,873 square feet each.
It has a land area of 21,742 square feet.
With a permissible gross floor area of 64,310 square feet and a plot ratio of 2.8, the apartment complex can be redeveloped into a high-end boutique development.
The new development can accommodate about 70 apartment units at 850 square feet each and no development charge is payable.
Grand Tower is a few minutes walk to shopping malls Velocity@Novena Square, United Square and Square 2.
Savills Singapore said the site is 250 metres away from Novena MRT Station and has easy access to Orchard Road, Marina Bay Downtown Central Business District.
Recent transactions in the area stood at S$2,043 per square foot for L’VIV and S$2,133 per square foot for the 99-year leasehold Soleil @ Sinaran.
Suzie Mok, director of investment at Savills Singapore, said she expects interest in Grand Tower to be strong, due to its affordable investment quantum, close proximity to the three shopping malls as well as Novena MRT Station.
“It will draw interest from both boutique developers as well as contractor-turned-developers who have been actively sourcing for good land parcels,” she added.
The tender for Grand Tower will close at 3pm on April 6.
Source : Channel NewsAsia – 9 Mar 2011