On Wednesday, marketer Teakhwa Real Estate said that a 72-unit condominium complex at Balestier Road popularly known as Balestier Regency has launched for collective sale by tender.
The property is anticipated to earn around S$218 million in sales.
The projected sales price equates to S$1,264.9 per sq foot per plot ratio (psf ppr). This already includes the S$1.35 million for development charge.
If the 10% balcony area will be included in the computation, the land price can be reduced to S$1,220.9 psf ppr.
Owners’ proceeds can range from S$2.82 million up to S$3.05 million.
Moreover, the residential site freehold of 61,951.8 sq ft has a 2.8 plot ratio with up to 36-storey of allowable height.
As per Taekhwa Real Estate: “The maximum allowable GFA or gross floor area of 173,408.9 sq ft is still subject to the authorities’ approval.
This can potentially build about 230 apartment units with 753 sq ft for each unit as an average size.”
Balestier Regency is situated at 4 Jalan Ampas Singapore. The location is conveniently located beside Shaw Plaza, a 5-storey shopping mall that is the home of NTUC FairPrice, Shaw Theatres and several fast food chains like McDonald’s and KFC.
The freehold property is also within a km from Hong Wen Primary School and within a 2km radius of CHIJ Toa Payoh and St Joseph Institution (Junior).
Sieow Teak Hwa, Teakhwa Real Estate’s managing director said that they are expecting for a high interest from the developers with its attractive location as it is in the central city.
The property has freehold status, the undemanding expectation of land rate and huge land size.
Balestier Regency tendering will only be up until June 21st, 3 pm.
In a separate statement, Nicholas Mak, ZACD Group’s executive director stated that Balestier Regency is considered as the area’s second condominium to put up for En bloc Sale this month.
Its reserve price was set at S$248 million. If this will be translated to psf ppr, the land rate is around S$1,374.
The property is also for residential purposes that come with a huge land area of 64,471 sq ft. It has 2.8 gross plot ratio.
If we are to include the 10% GFA bonus intended for balconies, its land rate will be reduced at a rate of S$1,274 psf ppr. This is after factoring in the development charge of S$5.03 million.
The tender of Ava Towers started on May 16th and will be up until July 2nd.