Results 1 to 5 of 5

Thread: Two redevelopment sites up for sale

  1. #1
    Join Date
    Oct 2011
    Posts
    10,829

    Default Two redevelopment sites up for sale

    http://www.businesstimes.com.sg/prem...-sale-20121106

    Published November 06, 2012

    Balestier freehold site up for sale


    A FREEHOLD mixed-use redevelopment site along Balestier Road is up for sale by tender, with a guide price of between $68 million and $75 million.

    The 21,219 square foot site has a gross plot ratio of three, which gives it a potential gross floor area (GFA) of about 63,657 sq ft.

    Based on the guide price and factoring in an estimated development charge, the cost of the plot works out to between $1,088 and $1,198 per sq ft per plot ratio (psf ppr) for redevelopment up to a GPR of three.

    Under the 2008 Master Plan, it is designated for commercial and residential use. URA guidelines state that the commercial space can take up no more than 40 per cent of the maximum allowable floor area for the development.

    Knight Frank, the marketing agent for the site, said that it was a family- held asset and hence the sale does not require approval from the Strata Titles Board.

    Currently, a six-storey industrial building built in the 1970s sits on the site, which is next to the upcoming integrated hotel-park development comprising Zhongshan Park, Zhongshan Mall and two new hotels.

    Knight Frank added that there was the potential to join the site with an adjoining state land lot of about 750 sq ft, subject to approval from the relevant authorities. This could potentially enlarge the site area to about 22,000 sq ft and increase the potential GFA to some 66,000 sq ft.

    "If the state approves the application by the successful purchaser to acquire the adjoining state land, the land rate could be lowered to approximately $1,030 to $1,130 psf ppr," said Ian Loh, director & head of investment at Knight Frank.

    "The appeal of the site lies in the flexibility of the commercial and residential mix in the new development. The successful purchaser could also have the option to strata-subdivide the commercial component and sell the strata-title shops and offices individually, or retain the entire stake for investment."

    The tender for 520 Balestier Road will close on Dec 13 at 3pm.

    Knight Frank also announced yesterday the sale by tender of a freehold residential redevelopment site at 241 Pasir Panjang Road.

    Its owners are expecting offers of between $12 million and $13 million, which works out to a land rate of about $928 to $1,005 psf on the 12,933 sq ft land with a GPR of 1.4.

    "It is suitable for redevelopment into a bungalow, strata landed or strata residential units," said Knight Frank.

    "Pasir Panjang is a popular residential area among Singapore families and expatriates. The property is located within a short drive to the business parks at Jurong where many large MNCs are located," said Mary Sai, executive director, investment (commercial sales).

    "It is also within close proximity to major research and educational institutions like National University of Singapore, Mapletree Business City, Science Parks 1 and 2, Insead, Singapore Institute of Management and Singapore Polytechnic."

    The tender for the site will close on Dec 5 at 3 pm.

  2. #2
    Join Date
    Apr 2010
    Posts
    2,067

    Default

    These people, their ancestors got foresight.

  3. #3
    Join Date
    Oct 2011
    Posts
    10,829

    Default Two redevelopment sites up for sale

    http://www.straitstimes.com/premium/...-sale-20121106

    Two redevelopment sites up for sale

    Published on Nov 06, 2012

    By Esther Teo, Property Reporter


    TWO redevelopment sites, one on Balestier Road and the other on Pasir Panjang Road, were put up for sale yesterday.

    The 21,219 sq ft freehold mixed-use site at 520, Balestier Road is next to an upcoming integrated hotel-park development comprising Zhongshan Mall, two hotels and Zhongshan Park - developed as part of the project.

    Marketing agent Knight Frank said that the site - with a guide price of $68 million to $75 million - is zoned for commercial and residential use.

    Depending on the proposed mix of land uses, the prices reflect a rate of about $1,088 to $1,198 per sq ft (psf) per plot ratio up to a gross plot ratio of 3.0, inclusive of an estimated development charge.

    A six-storey industrial building built in the 1970s occupies the site. The property is family-held and so approval from the Strata Titles Board is not required, Knight Frank added.

    Commercial units at nearby One Dusun Residences, a mixed-use development, were launched for sale in August, fetching prices of $4,300 to $8,000 psf.

    Residential units have changed hands at between $1,300 and $1,750 psf.

    Mr Ian Loh, Knight Frank's director and head of investment, aded: "The proposed new development with retail shops on the lower levels would contribute to the variety of amenities within the area and vibrancy at street level, adding more buzz to the area.

    "Given the reasonable pricing, the medium scale of the investment involved, the limited supply of such mixed-use sites and the quick turnaround time for the purchaser, we expect strong interest in this tender exercise."

    The other 12,933 sq ft residential site is at 241, Pasir Panjang Road, and is a family-owned bungalow built in the 1930s.

    The site is suitable for redevelopment into a bungalow, or strata landed or strata residential units.

    It has a guide price of between $12 million and $13 million, which works out to $928 to $1,005 psf of land, Knight Frank said.

    [email protected]

  4. #4
    Join Date
    Jun 2011
    Posts
    6,134

    Default

    Quote Originally Posted by leesg123
    These people, their ancestors got foresight.
    singapore got no oil or gold...only land....

  5. #5
    Join Date
    Jul 2011
    Location
    Earth
    Posts
    4,063

    Default

    Quote Originally Posted by radha08
    singapore got no oil or gold...only land....
    Land ?
    Very little land.
    Singapore got lots of people lah !

Similar Threads

  1. Two freehold redevelopment sites off Lavender Street up for sale
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 20-03-19, 22:03
  2. Three industrial sites up for sale
    By orange in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 01-10-14, 18:16
  3. Six sites up for sale this month
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 24-04-12, 16:50
  4. Redevelopment site at Geylang Rd up for sale
    By mr funny in forum En Bloc Discussion and News
    Replies: 0
    -: 12-08-11, 00:03
  5. Two residential sites up for sale
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 2
    -: 16-04-10, 02:32

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •