Grand Tower, located at Moulmein Rise near Novena MRT station, is up for collective sale, with an indicative guide price of S$92 million or around S$1,430 psf of potential gross floor area (GFA).
With an area of 21,742 sq ft, the site can be redeveloped into a high-end boutique development with a permissible GFA of approximately 64,310 sq ft, above the 60,878 sq ft, based on the 2.8 plot ratio for the site under the 2008 Master Plan.
A new project on the site can accommodate around 70 apartments averaging 850 sq ft each.
Grand Tower currently comprises a single tower with 28 apartments of approximately 1,873 sq ft each. Based on the S$92 million guide price, each owner will likely receive S$3.28 million.
Analysts believe that the breakeven cost for a new project could be approximately S$2,000 psf, based on the S$1,430 psf ppr unit land price going by the S$92 million guide price for the collective sale.
The tender for Grand Tower will close on 6 April.