Grand Tower, a boutique freehold residential site located in the Novena area has been launched for sale by tender.
The redevelopment site is located at the junction of Sinaran Drive and Moulmein Rise.
The 33-year old tower block consists of 28 apartments that occupies an area of almost 22 thousand square foot (sq ft) in total.
Its marketing agent Savills Singapore said that the site can potentially be redeveloped into a high-end lifestyle project with a permissible gross floor area of approximately 64 thousand square foot.
This exceeds the allowable plot ratio of 2.8 as indicated in the 2008 Master Plan.
The new development can accommodate 74 apartments averaging 800 sq ft each.
Grand Tower has an indicative price of S$88.8 million or about S$1,381 per square foot per plot ratio (psf ppr).
Savills said there is no development charge payable and the breakeven price for the new development is estimated to be between S$1,900 and S$2,000 psf.
The company added that the recent transactions at nearby Gilstead Two were priced between S$2,181 and S$2,217 psf whilst leasehold 99 years Soleil @ Sinaran were transacted at between S$1,773 to S$1,966 psf.
Grand Tower is located near Novena MRT station and the tender will close at 3pm on July 28.
Source : Channel NewsAsia – 4 Jul 2011