Brookvale Park, a prime 999-year residential site at Brookvale Drive, has been put on the market with an indicative price of S$550.0 million, said CB Richard Ellis (CBRE), the marketing agent for the property.
Nestled in the exclusive Sunset Way bungalow estate, Brookvale Park has a total land area of 34,653 sq m and gross plot ratio of 1.6, with a permissible building height of up to 12 storeys. It is zoned for residential development under the 2008 Master Plan.
“Developers can take advantage of the site’s unique hilly characteristics to incorporate balconies into their design scheme. The additional 10 percent bonus balcony (subject to paying Development Charge) will bring the land price to S$892 psf ppr. At this price, the potential developer can expect to break even at below S$1,400 psf,” said Charles Hoon, Director for Investment Properties at CBRE.
“New residential launches including The Trizon, Jardin, The Floridian, and The Cascadia have transacted between S$1,600 to over S$2,000 psf.”
Located close to various amenities, the property is a five- to 10-minute drive from Rochester Park, Dempsey Hill and Orchard Road through Holland Road. It also provides easy access to the downtown Central Business District (CBD) and the Marina Bay Sands Resort, via the Ayer Rajah Expressway (AYE).
“We expect strong local and foreign interest, in particular, parties who are considering a freehold equivalent site in prime District 21,” said Mr. Hoon.
“Brookvale Park is likely to be the only condominium site available in this locality.”
The tender will close on 28 July 2011.
To contact the journalist, you may send your message to editor@propertyguru.com.sg