Park West, a prime residential site at Jalan Lempeng, is up for en bloc at an indicative price of S$803 million.
Marketing agent ERA Realty Network said the estimated differential premium and topping-up of the lease is S$230 million.
The site has a 99-year lease and a total site area of over 633,600 square feet. This represents a gross floor area of about 1.33 million square feet and the site is zoned for residential use with a 2.1 plot ratio.
The marketing agent added that taking into account an additional 10 per cent gross floor area for balconies, this translates to about S$700 per square foot, per plot ratio.
The residential site is located next to Nan Hua Primary School and the landed homes of Faber Hill estate
ERA said the site can be redeveloped into a residential development comprising blocks up to 25 storeys high, with over 1,000 units of about 1,200 square feet each. The tender for the site will close on October 20, Thursday afternoon.
Source : Channel NewsAsia – 6 Sep 2011