Three families who are unrelated have sold adjacent bungalows collectively at a price of S$37.89 million. The bungalows are located in District 15 Lorong H Telok Kurau.
The freehold bungalows are single-storey and together have 24,050 sq ft land area. Taking into account the development charges payable the developer would have to bear land rate of S$1,132 psf ppr.
If the 10% balcony bonus is taken into account the effective rate would come down to S$1,086 psf ppr.
As per the 2014 Master Plan set by the Urban Redevelopment Authority the site has been zoned Residential and has a plot ratio of 1.4.
Realty watchers suggest that the site can easily be redeveloped into 5-storied apartment condo that would yield 31 units with 100 sq m average in size. This as per the law set by Urban Redevelopment Authority for Telok Kurau estate residential sites with plot ratio of 1.4.
There is news that Quek Hock Seng Construction has acquired bungalows and this would be developer’s first residential project.
The deal has been brokered by JLL Singapore in a tender exercise closing on 21st of June. Tan Hong Boon, Regional Director of Capital Markets at JLL informed that there were three major contenders for the site and the site went to the highest bidder.
However, Mr. Tan refused to divulge details of the buyer.
The site is one of the most popular residential communities located close to East Coast Road which is famous for its food joints and Changi Road.
It is also close to East Coast Park Beach, 112 Katong Mall and Parkway Parade and few minutes’ drive from Saint Stephen’s School.
Under the deal the three families would pocket around S$12 million which is 40% premium to what they could have expected in individual deals.