Wednesday, February 1, 2012

Two Balestier sites up for en bloc sale

Business Times: Wed, Feb 01
TWO freehold residential redevelopment sites located at Balestier have been put up for collective sale by tender, with Jones Lang LaSalle being the sole marketing agent for both properties.


The first site (site A) has a gross plot ratio of 2.8 and can be amalgamated with an adjoining piece of state land of about 1,439 square feet (sq ft) to yield a total gross floor area of 74,151 sq ft, or 88 home units with an average size of 800 sq ft.


The second parcel (site B) also has a gross plot ratio of 2.8 and can be combined with an adjoining parcel of state land of about 2,832 sq ft to be redeveloped into a 107-unit development comprising units of 800 sq ft, with a total potential gross floor area of 90,179 sq ft. Height-wise, the sites, located along 2 to 16 (even numbers only) Kim Keat Lane, 1 to 19, 21 and 23 Kim Keat Close, can be built up to a maximum building height of 36 storeys.


The indicative price range for the respective plots are in the region of $68 million (about $940 psf per plot ratio) for site A and $81 million (about $940 psf per plot ratio) for site B, subject to the tender process. The amounts have factored in a development charge of about $745,000 as well as a $4.45 million land premium, said Jones Lang LaSalle.


A total of 76 strata apartments and eight commercial units occupy the four blocks of three-storey buildings...

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Team Marshe
Martin Koh/ Sherry Tang
9383-3992/ 9844-4400
www.marshe.net
www.malaysia-properties.webs.com

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