Regent Court, a freehold residential property at 1091 Serangoon Road, has been put up for sale by tender.
The property has a combined land area of 38,857 square feet and is zoned for high rise residential development of up to 36 storeys.
It has a plot ratio of 2.8, which allows a maximum gross floor area of 108,800 square feet.
No development charge is payable.
According to its marketing agent Cushman & Wakefield, the land can allow the new developer to build some 200 apartment units with average sizes of 500 square feet.
The property is worth in access of S$83 million, translating to a minimum price of S$763 per square foot per plot ratio.
The minimum break even project cost works out to be about S$1,200 psf, said Cushman & Wakefield.
Donald Han, vice chairman of Cushman & Wakefiled said “the Serangoon area has been recognised as a strategic suburban residential area”.
This is due to its proximity to the city centre, as well as HDB upgraders’ interest to own and occupy condominiums.
The area also has potential to become a choice residential cluster, due to its relatively central location and its closeness to the new Nex shopping mall.
Cushman & Wakefield said the connectivity of the Serangoon area will be improved with the completion of the circle line and the Upper Serangoon PIE viaduct.
The tender exercise for Regent Court is expected to close on February 28, 2011.
Source : Channel NewsAsia – 20 Jan 2011