Camay Court, a freehold residential redevelopment site in Lorong M Telok Kurau, has been sold to Residenza Pte Ltd for S$30.5 million.
Residenza is a consortium of property developers Heeton Holdings, KSH Holdings and contractor TEE International.
The consortium also acquired Macpherson Green, another residential development, with Zap Piling just a day earlier.
Camay Court’s marketing agent Knight Frank said all of its residents have agreed to the collective sale and no application to the Strata Titles Board was required.
The deal translates to a land price of S$687 per square foot per plot ratio, including development charge, and based on the gross floor area of about 44,702 square feet.
Heeton will hold a 36 per cent equity stake, while KSH and TEE International will each own 32 per cent of the project.
The site can be redeveloped into 70 apartments with an average size of 650 square feet each.
Residenza may also develop the site into cluster housing, due to increasing demand for landed housing in the area.
Camay Court comprises 23 walk-up apartments and is located in District 15. It has a site area of about 31,930 square feet, with a plot ratio of 1.4.
Units range from 114 square metres to 131 square metres, or 1,227 square feet to 1,410 square feet.
The site is located one kilometre away from prestigious schools like Tao Nan School, Saint Patrick’s School and CHIJ Katong, said Knight Frank.
Heeton added that Camay Court is also a short walk from Kembangan MRT Station, Parkway East Hospital, Telok Kurau Park and East Coast Park.
Shopping malls like Parkway Parade Shopping Centre, Katong Mall and Siglap Shopping Centre are also nearby, said Knight Frank.
Source : Channel NewsAsia – 11 Mar 2011