Global real estate services firm Jones Lang LaSalle has announced that it successfully sold Naung Court at Jalan Naung to Orion-Two Residential Ltd. at around $28 million, or about $662 psf ppr if DC is payable.
To date, only one unit of the 20-unit development has yet to sign the Collective Sale Agreement.
Naung Court is a 32,689-sq-ft development zoned for ‘Residential’ use. It has a gross plot ratio of up to 1.4 and can build up to 5-storey residential project, which can yield a total of 43 apartment units with an average size of 1,000 sq ft each. The site can also yield a gross floor area of up to 45,764 sq ft, subject to approval and payment of development charge of $2,300,000.
Ms. Stella Hoh, national director and head of investments at Jones Lang LaSalle, said that “despite the recent property measures announced we are encouraged by the strong interest in the site. Furthermore, the convenient location of the site appeals to developers and homebuyers alike and we believe that there will be interest from genuine buyers when the development is ready for sale.”
The existing property comprises 20 apartment units with sizes between 130 sq m and 155 sq m. It is located with proximity of Hougang MRT Station, Hougang Central, Hougang Bus Interchange, Hougang Plaza and Hougang Mall, as well as to other amenities and several reputable schools.