Seletar Garden, a freehold mixed-use project off Yio Chu Kang Road, has been launched for tender with an indicative price of between S$80 million and S$85 million.
Marketing agent Credo Real Estate said more than 80 percent of the owners have already signed the en-bloc sale agreement to sell the property.
Built in the 1980s, the site is located at Cactus Road and has a total area of 73,098 sq ft. It is zoned for residential development with commercial space on the first storey, a total gross plot ratio of 1.4 and an allowable height of up to four storeys.
Credo said that the price tag for the property reflects an equivalent land rate of between S$712 psf ppr and S$751 psf ppr, depending on the quantum of the residential and commercial GFA proposed.
According to a report by The Business Times, an application was made to the Singapore Land Authority (SLA) for the amalgamation of the adjoining site, which will enlarge the subject site to approximately 92,311 sq ft. If granted, the total GFA will increase to around 129,235 sq ft.
“The subject site has a lot of potential due to its proximity to the upcoming 320-hectare Seletar Aerospace Park,” said Yong Choon Fah, Executive Director at Credo Real Estate.
She added that the development aims to boost retail offerings in the surrounding area given the shortage of retail stores in the neighbourhood.
Colliers said the tender for the site will close on 7 March 2012.
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