Ava Towers one of the prime properties on Ava Road in Balestier is all set to join the en bloc sale craze. The owners have completed the due formalities at their first attempt for collective sale and shall put up the tender.
It shall open on May 16 and close on July 2.
The owners have fixed $248 million as reserve price for the site and according to ERA Realty Network the marketing agent for the sale, this would translate into $1,374 psf ppr.
The site has 2.8 plot ratio and won’t invite any development charges. Developers can use the 10% bonus GFA which including of balconies and by doing so the psf ppr would come down to $1,274 which includes $5.03 million development charges payable in such an event.
Ava Towers is not the only Enbloc property put up for sale in this central zone, Kemaman Point north of Ava Towers, has also launched for public tender which will close on June 12. A bit to the east will be Minbu Villa which received no bids from its tender.
No PAFS Require
ERA on its part has already got a written confirmation on non-requirement of a traffic impact pre-application feasibility report from the Land Transport Authority.
This consent is based upon the fact that the redevelopment would have no more than 215 apartment units with an average size of 70 sq. meters.
Ava Towers is a 124 apartment freehold site that was completed in 1990s. It occupies 64,471 sq ft land area and has been zoned in for residential use under the 2014 Master Plan with 2.8 plot ratio.
This will allow the site to be redeveloped into 180,519 sq ft with the same plot ratio.
It is a freehold condo site located in the Central Region of Singapore
The site has a high development baseline and the developers won’t have to bear any development charge to use the 2.8 gross plot ratio
Written confirmation from LTA on Traffic impact, (PAFS) Not Required for this freehold site
Developers can retain the existing structure of the development with options for alterations and additions or build the structure from scratch turning it into a 215 dwelling unit site with average area of 753 sq ft
It is conveniently located close to Whampoa wet market as well as the food centre along with the 24/7 NTUC Supermarket also located nearby
There are shopping malls nearby which is 5 mins walk away, they are Shaw Plaza and Balestier Plaza
It takes around 7 mins drive to reach Orchard Road and 5 mins to Toa Payoh Hub
Several international educational institutions that include the likes of Lee Kong Chian School of Medicine, Curtin Singapore and the Global Indian International School are located close to the site.
Its close proximity to medical facilities that include Mount Elizabeth Novena Hospital and Thomson Medical Centre can make it an easy sell for the developers.