By Nikki De Guzman:
A residential site at Tampines Road is up for collective sale with an indicative selling price of S$132 million to S$135 million, according to marketing agent ERA Realty Network.
The freehold Yi Mei Garden (pictured) comprises a land area of 78,030.38 sq ft and gross plot ratio of 2.1, with a selling price of about S$805 to S$810 psf per plot ratio (ppr), The Business Times reported.
Completed in 1984, the property currently houses 44 apartments and four penthouses. It could be redeveloped into two towers with a total gross floor area (GFA) of 163,863.79 sq ft.
The tender for the site will close on 6 June.
Meanwhile, the residential collective sales market has shown signs of recovery in the last few months, with at least three properties sold in 2013. For instance, Kismis Lodge which features a pair of freehold walk-up apartments near Toh Tuck Road was sold for S$84.18 million or S$1,198 psf in March.
The sale of Ultra Mansion near Novena MRT station went for S$149.13 million or S$1,170 psf on its potential GFA.
Another deal that closed recently was The Versailles, a 55-unit freehold condominium along Guillemard Road, priced from S$105 million to S$110 million, or S$1,088 to S$1,133 psf ppr.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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