Three residential en bloc sites up for sale

Three residential en bloc sites in prime locations have been put up for sale by their sole marketing agent Knight Frank.

The first site is the freehold Dynasty Garden, located on Sixth Avenue in District 10. It has a land area of about 73,300 square feet. Under the 2008 Master Plan, the site is a “three-storey mixed landed”. There are currently 33 walk-up apartments with unit sizes ranging from 1,044.1 square feet to 2,604.8 square feet.

The guide price for Dynasty Garden is S$114.8 million or S$1,566 per square foot. Owners will receive about S$2.8 million to S$5.4 million from sale proceeds.

Adjoining Dynasty Garden is 21 Lim Tai See Walk, the second site put up for sale by Knight Frank.

There is a two-storey detached house on the site, which has a land area of 12,691 square feet. The site is designated as a “three-storey mixed landed” under the 2008 Master Plan.

The guide price for 21 Lim Tai See Walk is S$17.5 million or S$1,379 per square foot.

With the combined land area of Dynasty Garden and 21 Lim Tai See Walk amounting to 85,991 square feet, Knight Frank said both sites offer developers an opportunity to build luxurious cluster homes in quiet but convenient locations.

Both sites are situated near dining and shopping amenities in Holland Village, as well as reputable schools such as Raffles Girls’ Primary, Nanyang Girls’ High School and National Junior College.

Associate director of investment at Knight Frank Ian Loh expects the sites to receive strong interest from developers, due to the limited supply of landed homes and rare large redevelopment sites.

“The freehold sites could house up to 52 strata terrace houses or around 39 strata semi-detached houses,” added Mr Loh.

Buyers can opt to tender for either site or both sites.

Tenders for Dynasty Garden and 21 Lim Tai See Walk will close on May 27 at 4pm.

The third site up for sale is Riviera Point – a freehold site sized at 14,580 square feet located on River Valley Road.

The site is a short walk from Somerset MRT Station and some minutes’ drive to the central business district, said Knight Frank. It can be redeveloped into a new project with a gross floor area of 49,303 square feet and a gross plot ratio of 3.38. This exceeds the permissible plot ratio of 2.8 under the Master Plan 2008.

Riviera Point can be redeveloped into a boutique apartment complex with 70 units averaging 700 square feet each.

The guide price for the site is S$73.5 million or S$1,491 per square foot per plot ratio. No development charge is payable with a gross floor area of 49,303 square feet for the new project.

With an additional 10 per cent balcony area, the land price could be powered to S$1,417 per square foot per plot ratio, based on a potential gross floor area of about 54,233 square feet.

Knight Frank also expects strong developer interest in Riviera Point, given its prime location and its popularity among foreign buyers.

The tender for Riviera Point closes on May 26 at 3pm.

Source : Channel NewsAsia – 25 Apr 2011

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