Melrose Court sold for S$44m in en bloc sale

Melrose Court in Balestier has been sold for S$44 million in a collective sale.

The 32-unit residential development at No.10, Lorong Limau was sold to local boutique developer Melrose Land.

The property’s broker, Colliers International, says that Melrose Court is not linked to Melrose Land and notes that the sale is subject to the approval of the Strata Titles Board.

The freehold residential site has an area of 23,789 square feet.

Under the 2008 Master Plan, it has a gross plot ratio of 2.8.

Including the development charge of about S$277,235, the sale price translates to a land price of about S$665 per sq ft per plot ratio.

Colliers International says that upon approval, each owner is expected to receive gross proceeds of some S$1.129 million to S$2.261 million from the sale, depending on the size of their unit.

It also says that the site could accommodate a residential development of up to 36 storeys, comprising some 88 units of 830 sq ft each.

Source : Channel NewsAsia – 1 Sep 2010