BBR Holdings intends to buy a parcel of freehold land for S$86 million at Simon Lane, located close to Serangoon Gardens.
The mainboard-listed company said it plans to develop a low-rise condominium project on the site, which currently houses Goodrich Park Condominium.
Under the URA 2008 Master Plan, the site, which measures more than 9,000 sq m, is zoned for residential development with a gross plot ratio of 1.4 and an allowable height of up to five storeys.
Based on its plot ratio, the cost of the land works out to around S$629 psf ppr, said the company.
By including a further ten percent of balcony gross floor area, the cost will be around S$572 psf ppr.
Development charges are not payable for the site’s redevelopment, said BBR.
BBR plans to develop a five-storey condo that comprises approximately 120 units of around 1,200 sq ft each, scheduled to be completed by end-2011.