Hong Leong buys One Balmoral for $125m

The Hong Leong Group has bought One Balmoral for $125 million through a collective sale, setting a new benchmark for Balmoral Road at $1,188 per sq ft per plot ratio for the 66,277 sq ft freehold site. This includes a development charge of $1.1 million.

The site, zoned for residential use with a 1.6 plot ratio, has the potential to be redeveloped into a 12-storey luxurious residential development.

The Hong Leong Group could redevelop the site into a luxury condo of about 95 apartment units with an average size of 1,000 sq ft ?and a breakeven cost of as much as $1,900psf ?or a residential/hotel/serviced apartment development, a concept it pioneered under the St Regis brand.

Balmoral View was earlier sold to Kajima at $733 psf/ppr and 21 Balmoral Road was sold to Chip Eng Seng at $451psf/ppr.

Source : Today – 26 Mar 2007

Join The Discussion

Compare listings