Ava Towers to launch en bloc sale bid with reserve price at S$248m

This translates to a land rate of S$1,374 psf ppr for the freehold condo in the Balestier area

Wed, May 09, 2018

Lee Meixian

THE owners of Ava Towers are putting their freehold condominium development up for tender in their first attempt at a collective sale.

Their reserve price of S$248 million for the site along Ava Road in the Balestier area translates to a land rate of about S$1,374 per square foot per plot ratio (psf ppr), said marketing agent ERA Realty Network.

Given the site's high development baseline, there is no development charge payable for redevelopment up to a gross plot ratio of 2.8.

But if a 10 per cent bonus gross floor area (GFA) for balconies is included, the land rate would be reduced to S$1,274 psf ppr, after factoring in about S$5.03 million in development charge.

ERA said a written confirmation has already been obtained from the Land Transport Authority, saying that a pre-application feasibility study on traffic impact will not be required for the site, based on a proposed redevelopment of a minimum 215 dwelling units averaging 70 sq m per unit.

Built in the 1990s, the 124-unit freehold condo sits on a sizeable land area of about 64,471 sq ft and is zoned for residential use with a gross plot ratio of 2.8 under Master Plan 2014.

The site can be redeveloped up to a gross floor area of 180,519 square feet, with a proposed plot ratio of 2.8.

The condominium is near medical facilities such as Thomson Medical Centre and Mount Elizabeth Novena Hospital, grocery options such as the Whampoa wet market and food centre.

Also in the vicinity are a 24-hour NTUC supermarket, as well as local and international educational institutions such as Curtin Singapore, the Global Indian International School and the Lee Kong Chian School of Medicine.

The winning developer will have the option of retaining the structure of the development with additions and alterations, or rebuilding it in a contemporary design, accommodating at least 215 units that average 753 sq ft, said ERA.

The tender for the site opens on May 16 and closes on July 2.