Boutique developer BS Capital has acquired a freehold site located at Kim Keat Road-Lorong Ampas for more than $36 million or $670 psf of potential gross floor area, which includes an estimated development charge of around $25 million.
The site is intended to be developed into a 20-storey project with around 160 apartments – mainly studios and one- to two-room units that range from around 400 sq ft to 700 sq ft per unit.
The development will also include four- and five-room penthouses, said Chin Teck Chuan, chief executive of BS Capital.
The company plans to launch the proposed District 12 residential project in six months. “We’re targeting an average price of about $1,300-1,400 psf,” said Mr. Chin.
Meanwhile, BS Capital also plans to release the 45-storey The Lumiere project off Shenton Way up for sale as soon as the last 55 apartments are completed. “Most of the units will be priced at $2,500 psf or more,” said Mr. Chin.
The 99-year leasehold project, which features 168 apartments and a ground floor retail space, is expected to receive Temporary Occupation Permit in August.