Shan Gate Apartments put up for collective sale

Shan Gate Apartments along Shan Road is up for collective sale, according to marketing agent Remax.

It said that sellers expect bids to range between S$51.5 million and S$53.5 million, reflecting land rates of S$1,010 to S$1,049 psf ppr based on a gross plot ratio of 2.8 and excluding balcony allowance. If balcony space is included, the price works out at S$918 to S$953 psf ppr.

Each unit owner could receive between S$1.55 million and S$2.4 million from the sale, Remax added.

With an estimated land area of 18,305 sq ft, the site could generate a potential gross floor area (GFA) of 51,254 sq ft based on its current plot ratio.

The 10-storey building could be redeveloped into a 36-storey project comprising 85 units of about 600 sq ft each. Currently, the site has 27 apartments with sizes ranging from 753 to 1,335 sq ft.

The property is located near Novena Medical Hub and Novena MRT station.

The tender for Shan Gate starts tomorrow and ends on 18 September.

Source : PropertyGuru – 14 Aug 2012

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