Published March 27, 2008

[B][SIZE="5"]Church puts up Telok Kurau site for tender sale[/SIZE][/B]

[B]Marketing agent CBRE pegs guide price at $40m[/B]


THE Presbyterian Church in Singapore has put up for sale a large 9,445 square metre (101,662 square foot) site in the Telok Kurau area.

The church said in a statement yesterday that the sale by tender is part of its strategy to unlock the value of selected properties to support the financial needs of the church, as well as its missions and school ministries.

CB Richard Ellis has been appointed marketing agent for the site which is at 116 Lorong J, Telok Kurau and 119 Lorong K, Telok Kurau. The legal owner is the Trustees of the Presbyterian Church in Singapore Registered.

The Urban Redevelopment Authority has granted an Outline Permission for the construction of a five-storey condominium development with a plot ratio of 1.4.

The development site is located a short drive away from Parkway Parade, East Coast Park and education institutions such as Tao Nan School (Primary) and Victoria Junior College.

Developers have the option to purchase the site with a leasehold tenure of 105 years or 999 years commencing Jan 26, 1939.

CBRE pegged the guide price at $40 million or about $607 per square foot per plot ratio.

Development charge is estimated at $46.44 million for a condominium development.

Under the Master Plan 2003, the site is zoned civic and community institution. Other potential uses are strata landed housing development or civic, community and cultural development. These uses incur a lower development charge.

Potential uses will, however, be subject to evaluation by the competent authority.

But for a condominium development, the developer can build about 118 units assuming an average size of 1,200 square feet each. The tender exercise closes at 3 pm on April 30, 2008.