As per subject, my family owns a 6000 sqft detached house in D19 and it is at the end of a cul de sac. There are a total of 5 units and all in their original condition. Total 5 houses combined is about 21000 sqft. We need to buy the road and the kerbside leading to the cul de sac from LTA. The area is about 2900sqft. So total area for this site is estimated to be 23300 sqft.
This site is a in a mixed landed zone and therfore can build apartments or strata landed houses (though not popular now).
One of my neighbour and my family plans to persuade the existing 3 owners if we can sell the 5 houses as a plot to a potential developer.
Questions:
Do you think any developers would bite if the purchase price for the 5 houses at $110psf added up to about $23.8 mio?
My estimate purchase from LTA is about $3mio. Does anyone know how are state land valued? The procedure and etc? Is it doable?
Based on a similar site in Urban Residences, total no of units built was about 47. Does anyone know how much Urban Residences was sold?
Is such small development doable and acceptable by the buyers?
Appreciate your inputs.