Two redevelopment sites go up for sale

Two redevelopment sites at Balestier Road and Pasir Panjang Road have been launched for sale by tender, according to exclusive marketing agent Knight Frank.

The first site at 520 Balestier Road is a 1,971.3 sq m (around 21,219 sq ft) freehold plot zoned commercial and residential under the 2008 Master Plan. With a gross plot ratio of 3.0, it can offer a gross floor area (GFA) of 5,913.9 sq m (63,657 sq ft). Shops can be developed on the lower floors with apartments on the upper levels, but the commercial component should not exceed 40 percent of allowable floor area, as per URA’s guidelines.

“The guide price for the property is from S$68 million to S$75 million. Depending on the quantum of the commercial and residential GFA proposed, the prices reflect an equivalent land rate of approximately S$1,088 to S$1,198 for redevelopment up to a GPR of 3.0, after factoring in an estimated development charge at prevailing rates,” said Ian Loh, Director & Head of Investment at Knight Frank.

If an additional 10 percent balcony space for the residential component is factored in, the price translates to around S$1,056 to S$1,160 psf ppr, he added.

The site may be combined with an adjoining state land parcel of about 750 sq ft, subject to authorities’ approval — extending the site area to about 22,000 sq ft and the GFA to around 66,000 sq ft.

Meanwhile, the other site at 241 Pasir Panjang Road offers a land area of around 1,201.5 sq m (12,933 sq ft) and is zoned residential under the 2008 Master Plan with a gross plot ratio of 1.4.

The family-owned property comprises an old bungalow built in the 1930s. The site could be redeveloped into a bungalow, strata landed or strata residential units.

According to Mary Sai, Executive Director for Investment (Commercial Sales) at Knight Frank, the sellers expect bids to range between S$12 million and S$13 million, or S$928 to S$1,005 psf.

The tender for the sites at Pasir Panjang Road and Balestier Road will close on 5 and 13 December respectively.

Source : PropertyGuru – 6 Nov 2012

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