AURUM land which is the Woh Hup Group’s boutique development arm, is understood to have purchased all the eight units which make up Balmoral Gardens at a price close to S$83 million. Last year, the same buyer had bought 11 Balmoral Road abutting Balmoral Gardens.
According to market watchers, the buyer is likely to amalgamate the two sites on prime district 10 and potentially build a 12-storey condo with approximately 100 units having an average area of 1000 sq ft each on the combined land area of about 67,000 sq ft.
The price paid for Balmoral Gardens translates to about S$1,812 psf ppr including the estimated development fee payable to the authorities.
Balmoral Gardens presently comprises of 8 apartments on the 36,752 sq ft site with each apartment having between 4,200 and 4,800 sq ft. The development is over 3 decades old and it is learned that each owner has individually sold their respective units to Aurum Land.
According to the Master Plan 2014 by the Urban Redevelopment Authority, both 11 Balmoral Road and Balmoral Gardens sites enjoy residential zoning with plot ratio of 1.6
11 Balmoral Road was quietly bagged by Aurum in November 2017 last year, through a collective sale, paying about S$73.8 million translating to about S$1,750 psf ppr including the developments charges. This freehold property enjoys a land area of about 30,200 sq ft.
Stevens and Newton are the MRT stations closest to these properties and have The American Club, The Tanglin Club and Raffles Town Club in close vicinity.
Balmoral Gardens, a District 10 estate launches for collective sale on January 17, 2018. The property is well-located within close proximity of Orchard shopping belt.
Huttons Asia the exclusive marketing agents for this property said that the owners of this freehold residential estate are expecting offers more than S$92 million which presents developers a great deal at S$1,872 psf ppr considering the fact that this also includes the development charges.
The sellers have already submitted an application for development to the Urban Redevelopment Authority and this has helped them establish the payable charges which come to S$18.1 million according to Huttons Asia.
The freehold property is advantageously located on 11B Balmoral Road and offers prospective buyers a development area of 3,414.3 sqm with maximum permissible structure of 12 storeys. The Plot Ratio is 1.6.
The owners of Balmoral Gardens are unanimous on this collective sale and 100% owners have given their consent to this sale.
The tender for this property would close at 2:30 PM on February 7.
Davidz Wan the District Director for Huttons Asia said that since all owners have given their consent for the sale there is no requirement to seek approval from the Strata Titles Board. The successful developer would be able to take possession of the property once the vacant possession period is over and get started with redevelopment immediately.
Davidz said that it was a lucrative deal for the developers as the demand for luxury residential apartments is outstripping supply and given the location of the property there should be a huge demand for any redeveloped high end property here.
Located close to Newton Road, Stevens MRT Station and Orchard Balmoral Gardens offers high amount of recreational options to the future homeowners with clubs such as Tanglin Club and Raffles Town Club located nearby.
The location is just about a kilometre away from Anglo-Chinese School on Barker Road, Singapore Chinese Girls School and Raffles Girls Secondary School.