Residential site at East Coast launched for public tender

A freehold residential site located at District 15 in the East Coast area has been launched for public tender with a price tag of over S$23 million.

Its exclusive marketing agent HSR Investment Sales said owners of the four landed houses currently in the site have given the nod to the joint investment sale via 100 per cent consensus.

HSR said the site has an indicative price of between S$23.25 million and S$23.75 million, which translates to a land price S$868 to S$886 per square foot per plot ratio. This includes a development charge of S$1.485 million.

With a total area of 1,708.6 square metres (or 18,391.2 square feet), the site has been zoned for residential use. It has a gross plot ratio of 1.4 with a maximum allowable height of up to five storeys.

“Such smallish sites are in great demand especially for newcomers ploughing their interest to enter the development arena,” said Jeffrey Goh, Head of Investment Sales at HSR.

The site can be developed into luxury apartments that can potentially yield 46 units with sizes averaging 600 square feet per unit. These can have a target price of about S$1,450 per square foot, which the agent said is comparable to latest transaction prices of nearby properties.

The site is also near Telok Kurau Park & Siglap Park Connector, as well as the Kembangan MRT Station.

The tender will close at 3pm on December 7.

Source : Channel NewsAsia – 8 Nov 2011

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