Two prime freehold residential redevelopment sites off Balestier Road have been launched for en-bloc sale, with a total price tag of approximately S$149 million.
Sole marketing agent Jones Lang LaSalle (JLL) said the sites are located along 2 to 16 (even only) Kim Keat Lane, 1 to 19, 21 and 23 Kim Keat Close, off Balestier Road. Both sites are zoned for residential development with a gross plot ratio of 2.8 and an allowable building height of up to 36 storeys.
“The subject sites offer potential developers an opportunity to acquire two prime plots of land in the city fringe area,” said Stella Hoh, National Director and Head of Investments at JLL.
The first parcel could potentially generate up to 88 units of an average size of 800 sq ft, subject to approval from the relevant authorities. It has the potential to be amalgamated with an adjoining state site of approximately 133.7 sq m, and could yield a residential development with a total gross floor area (GFA) of around 6,889 sq m.
JLL said the site has an indicative price of S$68 million, which works out to around S$940 psf ppr.
Meanwhile, the second parcel could be amalgamated with an adjoining state land site of around 263.1 sq m. It can be redeveloped into a residential block with a total GFA of 8,378 sq m, and could generate up to 107 housing units of an average size of 800 sq ft.
JLL said the site has a price tag of around S$81 million, or around S$940 psf ppr. It added that the S$149 million asking price for both sites are inclusive of S$795,000 development charge and S$4.45 million land premium.
The sites, which currently house eight commercial units and 76 strata apartments, are located in close proximity to the premier Orchard Road shopping belt as well as to numerous MRT stations like Toa Payoh MRT station, Boon Keng MRT station and Novena MRT station.
“Potential developers have the flexibility to submit bids for either or both parcels of land. The sites are conveniently located near numerous MRT stations and major expressways and a short drive to Orchard Road and good response is anticipated for the tender,” said Hoh.
JLL said the tender for both sites will close on 1 March 2012.
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