The increase in land prices across the property market has resulted in a spate of collective sales that range beyond the high-demand prime districts.
Old condominium developments in the prime areas are not the only ones that find themselves under the auctioneer’s hammer.
“We are witnessing a spill over in the acquisition of residential development sites from prime districts to the suburban areas,” said Ms Grace Ng, deputy-managing director (agency and business services), Colliers International.
The real estate consulting firm is auctioning off a freehold residential development site at 57-61 Koon Seng Road/88-89 Everitt Road.
The freehold 16,574 sq ft site in Joo Chiat is a row of two-storey terrace houses. It is zoned for residential use and has a gross plot ratio of 1.4 under the 2003 Master Plan.
A five-storey residential development housing 18 apartments of 1,200 sq ft each can be built on the site. Ms Ng believes that with approval from the authorities, the site can also be the future home of a row of eight terrace houses.
The site could fetch $9 million or about $390 per sq ft per plot ratio, inclusive of development charge.
The auction will be held on June 27 at the Amara Hotel.
Also in the east is a freehold conservation bungalow at Mountbatten Road which Knight Frank will be auctioning off on June 29.
The bungalow, located at 781 Mountbatten Road, has a land area of 20,222 sq ft and has a floor area of 3,444 sq ft.
It has an indicative price of $10 million, and is one of the 15 conservation bungalows on Mountbatten Road.
Source: Weekend Today, 16 June 2007