Leong Bee Court up for collective sale

Leong Bee Court, a freehold residential development located at Woodsville Close, off Upper Serangoon Road, has been put up for collective sale.

The indicative asking price of S$60 million to S$68 million works out to S$668 to S$758 per square foot per plot ratio.

No development charge is expected.

The site has a land area of about 29,400 square feet. Under the URA Master Plan 2008, it is zoned for residential use and can be built up to 24 storeys high.

The 25-year-old development currently consists of 27 apartments of sizes ranging between 1,870 square feet to 2,450 square feet.

Subject to the necessary approvals, a new development can potentially have a build-up gross floor area of about 89,800 square feet, which is equivalent to a gross plot ratio of 3.05.

The site can be further enhanced by a possible amalgamation with an adjoining state land of about 1,340 square feet.

Future development can yield 90 housing units averaging 1,000 square feet per unit, targeting mid-tier investors who want to own a freehold property that is very close to an MRT station and a few stops away from town.

A new freehold development on the site is expected to fetch around S$1,400 psf to S$1,500 psf.

Head of Investment Sales at HSR, Jeffrey Goh, said: “The currently vacant land parcels surrounding Potong Pasir MRT Station is primed for future development such as a new mega mall or mixed commercial & residential developments.”

HSR Property Consultants is the exclusive marketing agent and property consultants handling the tender, which closes on April 27.

Source : Channel NewsAsia – 29 Mar 2011

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