reporter2
21-08-12, 11:54
http://www.businesstimes.com.sg/archive/tuesday/premium/singapore/shan-gate-offered-en-bloc-sale
Published August 14, 2012
Shan Gate offered for en bloc sale
By
zeinab yusuf saiwalla
SHAN Gate apartments, a 27-unit residential development located along Shan Road (off Balestier Road), has been offered for en bloc sale.
"The sellers are expecting offers in the region of $51.5 million to $53.5 million," according to marketing agent Remax.
The prices reflect land rates of about $1,010 to $1,049 per square foot per plot ratio - excluding balcony allowance - based on a gross plot ratio of 2.8 times or $918 to $953 should the balcony allowance be factored in.
If the collective sale is successful, this would put an estimated $1.55 million to $2.4 million into the pocket of each unit owner,Remax said.
The residential site has an approximate land area of 18,305 sq ft, which can yield a potential gross floor area of 51,254 sq ft based on the existing plot ratio.
Located near the Novena Medical Hub, and about a 10-minute walk from the Novena MRT, the residential site - which comprises a 10-storey block - can potentially be redeveloped into a 36-storey development with 85 apartments of about 600 sq ft each.
The 27 units in the existing complex are sized between 753 sq ft and 1,335 sq ft. The tender will be launched tomorrow and will close on Tuesday, Sept 18, at 3 pm.
Published August 14, 2012
Shan Gate offered for en bloc sale
By
zeinab yusuf saiwalla
SHAN Gate apartments, a 27-unit residential development located along Shan Road (off Balestier Road), has been offered for en bloc sale.
"The sellers are expecting offers in the region of $51.5 million to $53.5 million," according to marketing agent Remax.
The prices reflect land rates of about $1,010 to $1,049 per square foot per plot ratio - excluding balcony allowance - based on a gross plot ratio of 2.8 times or $918 to $953 should the balcony allowance be factored in.
If the collective sale is successful, this would put an estimated $1.55 million to $2.4 million into the pocket of each unit owner,Remax said.
The residential site has an approximate land area of 18,305 sq ft, which can yield a potential gross floor area of 51,254 sq ft based on the existing plot ratio.
Located near the Novena Medical Hub, and about a 10-minute walk from the Novena MRT, the residential site - which comprises a 10-storey block - can potentially be redeveloped into a 36-storey development with 85 apartments of about 600 sq ft each.
The 27 units in the existing complex are sized between 753 sq ft and 1,335 sq ft. The tender will be launched tomorrow and will close on Tuesday, Sept 18, at 3 pm.