Maison Royale – a 20 unit freehold development in District 11 near Newton Circus, has been sold to developer Giant Land for $46 million.
The 14,107 sq ft development was sold last month, up to 40 units averaging 988 sq ft can be built on the site.
Giant Land has agreed to buy the property pending the required approval of the Strata Titles Board.
The developer might also have to fork out an estimated $2.55 million development charge.
The addition of the charge would bring the total per sq ft per plot ratio (psf ppr) to about $1,230, higher than the reserve price of $1,220 psf ppr.
The freehold site comes with a plot ratio of 2.8 and can be built to a height of up to 117m above mean sea level.