The historical beachside villa of the late Choa Kim Keat has been sold to Far East Organization for S$103.8 million.
In a statement, marketing agent Credo Real Estate said the deal was undertaken by Orchard Mall, a member of the Far East Organization.
The single-storey conservation house built in 1898 was put up for sale last month and received five submissions during the tender exercise which closed Monday.
Credo Real Estate managing director Karamjit Singh said: “The market for such sites with unique attributes is strong.
“Aside from its historical background, it is in a convenient location with a shopping centre across the street.
“The purchase price reflects a land rate in the region of S$1,195 psf ppr (per square foot per plot ratio), based on an allowable GPR of 2.166, including the bonus GFA from the conservation house.
“This sale sets a new benchmark for the area”.
Amber Towers, which is also in the vicinity, was transacted at a land rate of S$1,118 psf ppr in April.
The property, which fronts Marine Parade and East Coast Road, consists of two adjoining land parcels which together measure 47,400 sq ft of land area. That’s roughly half of a football field, Credo said.
The property has been zoned for residential development and has an allowable Gross Plot Ratio (GPR) of up to 2.1 and a height control of up to 24 storeys.
Credo said the developer should be able to build a total GFA in the region of 109,494 sq ft, including bonus GFA for balconies.
Depending on the layout and configuration, the site can potentially accommodate up to 100 residential units with an average size of 1,000 sq ft, it added.
The property was put up for sale by the estate of the late Eric Choa, the grandson of Choa Kim Keat.
Source : Channel NewsAsia – 8 Jun 2011