A freehold residential site at 1 Jalan Remaja, off Hillview Avenue, has been put for sale by tender.
The site, which is located on elevated ground, has a land area of over 43,500 square feet.
According to its marketing agent DTZ Debenham Tie Leung, the site can be developed into a 10-storey condominium with a maximum gross floor area (GFA) of about 83,600 square feet.
It added that the new development can accommodate about 110 units, if the average apartment size is about 70 square metres.
DTZ’s head of investment advisory services and auction, Shaun Poh, said in a statement that “the regular configuration of the site allows the developer to maximise building efficiency and provides design flexibility for a boutique residential development”.
The estimated development charge to develop the site for residential use would be approximately S$14.9 million.
As an indication of the potential value of new units on the site, DTZ pointed to recent projects in the area such as Natura@Hillview and The Hillier which have been sold at prices up to S$1,750 per square foot.
The tender will close on July 23 at 3pm.
Source : Channel NewsAsia – 26 June 2013