Balmoral Condominium, a 45-unit freehold development in District 10, has been sold to Feature (Balmoral) Ltd for S$141 million (S$1,546 psf ppr), with no development charge (DC) payable.
Feature (Balmoral) Ltd is a consortium comprising Clarus Corporation Ltd, Tong Eng Group and Yuan Ching Development Ltd, a wholly-owned subsidiary of Tiong Seng Holdings Ltd.
Located along Balmoral Road, the property has a total area of 57,005 sq ft and is zoned for residential use under the URA Master Plan 2008. It has a maximum permissible gross floor area (GFA) of 91,208 sq ft and a gross plot ratio of 1.6.
“The property has excellent potential given its exclusivity and choice location in the prime District 10 area. The new apartments will have captivating views of Goodwood Hill and the black and white conservation bungalows”, said Suzie Mok, Director of Investment Sales at Savills Singapore, which brokered the deal.
Savills said that each household can potentially receive between S$2.85 million and S$3.26 million, depending on the apartment size averaging S$2,000 psf on strata area. “This is higher than the S$1,500 to S$1,600 psf, if the apartments are to be sold individually in the secondary market,” it said.
Redevelopment for the site can accommodate approximately 80 apartment units averaging 1,100 to 1,200 sq ft, subject to a 12-storey height restriction.
The breakeven price for the new development is approximately between S$2,200 psf and S$2,300 psf, said Savills, adding that the sale is subject to the approval of the Strata Titles Board.
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