Property developer Far East Organisation (FEO) has signed a deal to purchase 31 Parbury Avenue off Upper East Coast Road for $55 million, which translates to around $898 psf of land area.
The 61,240-sq-ft freehold site currently houses a two-storey bungalow, which can be redeveloped into eight luxury bungalows or a strata landed-housing scheme that comprises either 28 semi-detached houses, 37 terrace houses or 14 bungalows, said broker CB Richard Ellis (CBRE).
A development charge may be payable depending on how intensive the company redevelops the site – beyond a baseline plot ratio of 0.7.
Under the Master Plan 2008, the site is zoned for three-storey mixed landed use.
Other condos in the area include Riviera Residences and Parbury Hill Condominium, but these are residential sites with plot ratio of 1.4 under Master Plan 2008, on which non-landed residential projects are allowed.
CBRE marketed the site through a public tender that closed in late May and attracted many bids.
Sales of residential sites have been picking up as property developers try to restock landbanks after the strong housing sales in 2009. Aside from the Government Land Sales Programme, en bloc sales and other private-sector sources have been offering residential land for developers.