Wednesday, April 18, 2012

Harbour View Gardens launched for en bloc sale

Harbour View Gardens (pictured), a three-storey residential project at Pasir Panjang Road is up for collective sale, according to Colliers International.

With a total of 14 units, the property sits on a 30,745 sq ft freehold site and includes seven walk-up apartments with an average floor area of 1,195 sq ft and seven maisonettes with an average floor area of 2,411 sq ft.

The indicative price is between S$36 million and S$38 million, or around S$836 to S$883 psf ppr. Each owner could collect around S$1.6 million to S$3.6 million.

The site has a gross plot ratio of 1.4 and is zoned for residential use under the 2008 Master Plan.

“Pasir Panjang has always been a popular residential suburb, which enjoys proximity to the Central Business District, VivoCity and Resorts World Sentosa. The area is now undergoing some rejuvenation works, and connectivity to the rest of the island has recently been boosted by the newly-completed Haw Par Villa and Pasir Panjang MRT stations,” said Tang Wei Leng, Executive Director for Investment Services at Colliers.

She added that the freehold site is expected to attract strong developer interest.

“Subject to relevant authorities’ approval, the successful buyer could re-develop the site to accommodate a five-storey residential development comprising some 50 units of 775 sq ft each.”

The boutique development will offer developers with a quick turnaround and “an opportunity to tap into the growing demand for new apartments in the western part of Singapore.”

The tender for the property will end on 16 May 2012.

View the original article here

Source From Property Guru

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