Kemaman View, a freehold residential development located off Balestier Road, was sold en bloc for S$45.5 million on Monday.
The sale translated to S$935 per square foot per plot ratio for the 17,388-square-foot site.
The buyer is privately-owned developer Aylesbury Private Limited, who outbid two other entities to clinch the deal.
The development’s marketing agent HSR Investment Sales said the owners of each apartment unit could potentially receive approximately S$1.5 million as part of the deal.
This represents a premium of about 30 per cent over the resale price if each unit was sold individually.
Kemaman View, which was completed in 1995, comprises a total of 30 apartment units, each about 1,300 square feet in size.
The site is zoned for residential use with a gross plot ratio of 2.8 and a maximum height of up to 36 storeys, subject to approval.
No development charge is expected to be payable.
Source : Channel NewsAsia – 18 Jun 2012