2 residential sites go en bloc – Following the collective sale launches of Harbour View Gardens and Green Lodge last week, 2 more sites, Kemaman View and Thomson View Condominium (pictured), went en bloc yesterday.
Kemaman View is a freehold residential development located at Jalan Kemaman off Balestier Road. It has an indicative price of between S$46 million and S$48 million, which translates to around S$945 psf ppr to S$986 psf ppr, with no development charge payable.
“The Balestier vicinity has been singled out as the key city fringe area to be enhanced, rejuvenated and revitalised,” said Jeffrey Goh, Head of Investment Sales at HSR Property Group, the marketing agent for the property.
“The upcoming Zhongshan Park and hotel developments will add vibrancy and add to the charm of the area,” he added.
The property comprises of 30 apartments, each with a size of around 1,324 sq ft. It has a total land area of 17,388 sq ft and is zoned for residential use under the 2008 Master Plan.
HSR said owners can expect between S$1.53 million and S$1.6 million each.
Meanwhile, the 99-year leasehold Thomson View is going for an asking price of S$580 million.
This works out to around S$685 psf ppr, inclusive of a S$107 million premium to improve the property's use and a S$90 million premium to top up the lease, which has 62 years left.
HSR said the unit land price for the property will reach S$659 psf ppr, inclusive of an additional 10 percent gross floor area (GFA) for balcony space and a development charge of approximately S$46 million.
It features 200 units, 54 townhouses and one shop unit. It has a total area of 540,314 sq ft and is zoned for residential development with a gross plot ratio (GPR) of 2.1 under the 2008 Master Plan.
Based on its S$580 million price tag, each owner could get between S$1.59 million and S$3.54 million.
“Both the reduced price of S$580 million for Thomson View and also the lower development charge rates should make the site far more attractive for developers to activate their interest,” said Goh.
Apr 24, 2012 – PropertyGuru.com.sg
By Romesh Navaratnarajah: