Cardiff Court off Lorong Chuan has been put up for en bloc sale for $25 million.
Together with the estimated development charges of $6.63 million, the $25 million price tag of the 43,500 sq ft leasehold site works out to around $519 psf of potential gross floor area (GFA). It is zoned for residential use, with a maximum gross plot ratio of 1.4 and an allowable height of up to five storeys.
Currently, the property has 72 years left on its lease period.
Sieow Teak Hwa, director of investment sales at Teakhwa Real Estate, which is marketing the property, estimated that around 96 apartment units with sizes of 600 sq ft each can be constructed on the site. He added that based on a $519-psf land cost, the breakeven price will be around $860 psf to $900 psf.
“Nearby 99 leasehold projects such as The Scala have recently transacted at about $1,100 psf to $1,430 psf while the Kovan Residences managed to sell above $1,000 psf,” said Mr. Sieow.
He added that “the new condo project should appeal to both home buyers and investors alike, specifically to the upper middle class Singaporeans living in the Serangoon area and foreigners looking at well located residential projects. At launch, it can be expected to achieve in excess of $1,100 psf.”
The tender for the property will close on November 18.