The freehold Pinetree Condominium site in prime district 10 has been re-launched for sale by tender.
The property in the Balmoral area currently comprises a five-storey block with 50 apartment units.
Consultants Jones Lang LaSalle, which is marketing the site, said it has an indicative asking price of S$128 million.
But if a neighbouring plot, which is presently housing some landed homes, is included, the total price increases to S$190 million.
Overall, the successful developer may be paying S$1,700 per sq ft per plot ratio.
Under the masterplan, the 41,361 sq ft property is zoned for residential use and has a gross plot ratio of up to 1.6. This means the new development can be up to 12 storeys high.
The site could be redeveloped into an exclusive residential development with a gross floor area of 66,178 sq ft, subject to approval. No development charge is payable.
Jones Lang LaSalle also said the land could be combined with an adjoining plot of landed properties to form a total potential land area of 81,303 sq ft. This will yield a combined gross floor area of 130,084 sq ft.
With this combined area, a developer could build 60 to 80 high-end apartment units of between 1,500 and 2,000 sq ft each.
The tender will close on 23 April.
Source : Channel NewsAsia – 31 Mar 2008