TWO residential sites - a freehold redevelopment plot in Katong and a two-storey bungalow in Bukit Timah - are up for sale.
The Katong site at 12 Amber Road is occupied by several old, vacant houses. Measuring 22,800 square feet, it is zoned for residential development, and has an allowable gross plot ratio of 2.8.
Marketing agent Jones Lang LaSalle (JLL) said that the property's sole private owner is expecting offers in excess of $63 million, which works out to a land rate of some $1,300 per square foot per plot ratio.
The site can accommodate up to 80 high-rise apartments, depending on the design and sizes of the proposed units.
JLL national director of investments Yong Choon Fah said: "A redevelopment project of this scale could appeal to smaller or mid-sized developers, given that the total land investment quantum (including development charges) is estimated to be around $100 million."
She added that the purchaser could consider also buying a pair of semi-detached houses adjoining the site for redevelopment with the subject site. The total land area there is 5,617 sq ft.
Interested buyers are to submit their offers by 2.30 pm on Oct 2.
Meanwhile, the Bukit Timah site, up for private treaty sale, is in a good-class bungalow area. It is a corner plot at 19A Yarwood Avenue, off Dunearn Road. It is the latest property in the area to go on the market in recent months, at an indicative price of $32 million.
The 999-year tenure site, zoned for residential use, is of a regular shape and measures 19,037 sq ft.
Its built-in area of some 11,000 sq ft includes a living hall, a dining room, seven bedrooms, a guest lounge, TV area, a gym room and two staircases. The property also comes with a swimming pool, koi ponds and lush garden plots.
The site sits on elevated ground and is designed with separate wings catering to multi-tier families, said Sammi Lim, associate director of investment properties at CBRE, the sole marketing agent for the property.
Nearby amenities include Bukit Timah Plaza, Beauty World Centre and the Green Fairways golf course. The property is also within a short distance of the King Albert Park MRT station on the Downtown Line that is due for completion in 2015.
Source from Business Times