As luxury condo are in huge demand in district 10 area and not enough apartments to supply and satisfy potential buyers.
Developers had to keep searching for potential site for redevelopment in order to launch new luxury condo to meet the growing demands.
As expected, Woh Hup Group snap up 11 Balmoral Road residential site for S$73.8 million at a land rate of S$1,750 psf ppr.
And recently in May 2018, they bought all the units in Balmoral Gardens as well.
They had plan to amalgamate the 2 freehold sites and redevelop into 1 new luxury condominium with 12-storey high. With around 100 units and units size of 1000 square feet in their future plan.
A 17-unit property on 11 Balmoral Road is up for sale, with all the owners in agreement to sell en bloc. This means whoever developer wins the bid can embark on development as soon as the current occupants have vacated the premises. This goes to underline the eagerness with which property owners are willing to reap from the upbeat property market.
According to the property marketing agent, JLL, every one of the property owners has consented to the sale, and together they have fixed their reserve price at S$75 million. If there were dissenting voices among the property owners, JLL explained, approval to proceed or not to proceed with the sale would have had to be sought from the Strata Titles Board.
More information from JLL also has it that when the development charge, which is estimated to be S$10m, is loaded onto the owners’ asking price, the land rate will stand at S$1,761 per sq ft per plot ratio (psf ppr).
Already an application to determine the actual development charge has been lodged with the Urban Redevelopment Authority.
This Balmoral Road property is in District 10, a district whose residents have only recently joined the en bloc party. It contains two apartment blocks, each of them 4-storeyed.
Not surprisingly, it is the owners’ first attempt to sell en bloc. The site is 30,200 sq ft in size, and according to the 2014 Master Plan, it has been zoned as residential, and its gross plot ratio is 1.6.
It has great potential for redevelopment, and the new developer can build housing units that rise to a dozen storeys, up from the current 4-storeys.
Considering this site is in a prime district, the developer is likely to build high-end housing units with the capacity to fetch high prices. Other factors that give the site an edge include:
- The property being freehold
- Nearness to Newton MRT Interchange, as well as DT 10 Stevens and NS22 Orchard MRT stations
- The site is very near to Medical Hub Novena Square
- Famous Newton Food Centre is just minutes away
- Closeness to the Singapore Botanic Gardens
- Ease of access to Orchard Road
- Being in close proximity to many popular city spots
- Having good educational institutions very close by; such as the Anglo-Chinese School (primary), Chinese International School, Raffles Girls’ Secondary School, and the Singapore Chinese Girls’ School.
Mr. Tan Hong Boon, JLL’s regional director, referred to the 11 Balmoral Road property as a compelling offering whose quantum is manageable.
In short, the potential of the property is worth parting with the asking price. According to Mr. Boon, the public tender is expected to attract a good number of developers, not only because the reserve price is affordable, but also because the site is in one of the most prime locations.
He notes that the property has dual frontages – bordering the major Balmoral Road as well as a side road. The scenario might just play out as Mr. Boon envisages, considering a few months ago a property on Toh Tuck, another prime location, attracted a good 25 bids.