A 16-unit walk-up apartment block in Pasir Panjang has been put up for collective sale for between $26 million and $30 million in the latest addition to the en bloc revival.
The freehold site, at 252 to 258 Pasir Panjang Road, is near the future Haw Par Villa MRT Station and covers 28,263 square feet.
Under the Urban Redevelopment Authority’s 2008 Master Plan, it is zoned for residential development with a gross plot ratio of up to 1.4 and an allowable height of up to five storeys.
The total gross floor area allowed is about 43,523 sq ft, after including the additional 10 per cent balcony space, according to marketing agent Credo Real Estate.
The asking price “translates to a land rate of approximately $597 psf to $689 psf on potential GFA, including balconies”, said Mr Karamjit Singh, managing director of Credo.
He added that there would be no development charge. Credo said the site may be configured into about 40 apartment units with an average size of 1,000 square feet.
Ms Christina Sim, director of investment at Cushman and Wakefield, says the asking price is reasonable since the site is freehold and close to major research and educational institutions like Science Parks 1 and 2 and the National University of Singapore.
The tender closes on Sept 23.
Source : Today – 24 Aug 2010