The 16-unit Haig Mansions, which was put up for collective sale, has been sold to Vicland Realty Co Pte Ltd for S$21.5 million, says Credo Real Estate, which brokered the deal.
The sale price translates to a land rate of approximately S$720 per square foot per plot ratio (psf ppr) at a gross plot ratio (GPR) of 1.54, including the 10 per cent gross floor area (GFA) for balconies.
Each owner is set to receive gross sale proceeds of over S$1.3 million. Credo said the sale is subject to the approval of the Strata Titles Board, if necessary.
“The site has been well-received by the market due to its regular land shape, popular location in district 15 and healthy take-up rates in the new projects in the vicinity,” said Yong Choon Fah, executive director at Credo Real Estate.
Ms Yong said Haig Mansions is also near Paya Lebar Central, a new growth area that the government has earmarked for commercial hub development with offices, retail, hotel and public spaces.
The strata-titled development located at Haig Road was put up for sale in April and the tender closed on Wednesday.
The land where the property sits has a site area of 20,226 square feet and the existing development was built during the 1990s.
The site has been zoned for residential development with a GPR of 1.4 and an allowable height of up to five storeys.
It has total gross area of 31,148 square feet, including the 10 per cent bonus GFA for balconies, which can be reconfigured to around 50 apartment units of average 600 square feet, depending on layout and configuration.
Source : Channel NewsAsia – 12 May 2011