reporter2
06-11-12, 17:47
http://www.businesstimes.com.sg/premium/singapore/balestier-freehold-site-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.
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.