Two freehold residential development sites have been sold recently, according to a Business Times report.
The 30,540 sq foot Austral View at Tanjong Rhu was sold for S$81 million through an en bloc sale to a Chinese developer, which had, in April, acquired the adjacent Fortredale.
Over in the Hillview area, Roxy-Pacific group’s associate company, Mequity (Hillview) Pte Ltd, has signed a deal to acquire seven adjoining factories on 49,164 sq ft of land for slightly more than S$45 million.
The price translates to S$662 psf of potential gross floor area (GFA), which includes an estimated S$17.5 million development charge (DC) for transforming the site to residential use with a plot ratio of 1.92.
The seven factory buildings are being sold by various parties. DTZ brokered the transaction through a private treaty.
Teo Hong Lim, Chief Executive at Roxy-Pacific, noted that the group plans to redevelop the site into a 10-storey condo with a combination of unit types — including one-bedroom-plus-study units, as well as two-bedroom and three-bedroom units.
Mr. Teo said, “Supply in the Hillview area was saturated for many years, but demand should be coming back. There’s a dearth of new freehold developments in the location.”
The sale of Austral View is subject to approval from the Strata Titles Board. CB Richard Ellis (CBRE) brokered the deal, which translates to S$1,342 psf ppr, inclusive of an estimated DC of slightly more than S$5 million.
The unit land price is similar to the price achieved in Fortredale, which was sold at S$65 million.
If combined, the two freehold sites will result in a total freehold land area of 53,560 sq ft — adequate for a new freehold residential development of approximately 108 units averaging 1,000 sq ft.
Zoned for residential use, both the Austral View and Fortredale sites have a plot ratio of 2.1 and a maximum height of 24 storeys, under the Master Plan 2008.
To contact the journalist, you may send your message to editor@propertyguru.com.sg