Naung Court sold for S$28m

Naung Court, a 20-unit development at Jalan Naung in the Hougang area, has been sold to developer Orion-Two Residential for S$28 million.

The 32,689 sq ft site is zoned for ‘Residential’ use with a gross plot ratio of up to 1.4 and can be built up to five storeys.

This works out to about S$662 per square foot per plot ratio if a development charge is payable.

To date, only one unit out of the 20 units has yet to sign the Collective Sale Agreement.

The marketing agent, Jones Lang LaSalle, said the site will yield a potential gross floor area of up to 45,764 sq ft, subject to approval and payment of a development charge of about S$2.3 million.

It could potentially yield some 43 apartment units with an average size of 1,000 square feet each.

Head of Investments at Jones Lang LaSalle, Stella Hoh, said she is encouraged by the strong interest in the site despite the recent property-cooling measures announced by the government.

She said the site’s convenient location – near Hougang Central and Hougang MRT Station as well as the Kallang-Paya Lebar Expressway – appeals to developers and home buyers.

Source : Channel NewsAsia – 20 Sep 2010

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