Thursday, May 24, 2012

More redevelopment sites up for sale

Two residential sites located at Hillview Avenue and Amber Road have been put up for sale.

The first plot at 63 Hillview Avenue measures 230,915 sq ft and has a gross plot ratio of 1.92. Indicative pricing for the site is S$330 million, which works out to S$925 psf ppr inclusive of the S$80 million development charge.

Colliers International, the marketing agent, said that the site may be developed into a 10-storey residential development offering 370 apartments at an average size of 1,200 sq ft each.

Currently, the site houses the Lam Soon Industrial Building (pictured), a 10-storey light industrial development with 154 warehouses and light industrial factories.



“Given that there is a strong demand for light industrial units, the successful buyer can also consider additions and alteration works to retain the existing industrial building, subject to URA's approval,” noted Tang Wei Leng, Executive Director Of Investment Services at Colliers.

The site tender will end on 28 June.

The second parcel at Amber Road includes three neighbouring landed properties with a total land area of nearly 28,409 sq ft. The site has a gross plot ratio of 2.8 and is zoned for residential development under the 2008 Master Plan.

Marketing agent Credo Real Estate noted that the sellers expect offers of between S$73 million and S$80 million, which reflects a land price of around S$1,243 psf ppr to S$1,318 psf ppr after factoring the estimated development charge of S$25 million.

Yong Choon Fah, Executive Director at Credo, said: “Interestingly, these three plots at Amber Road are the last standing landed properties on the road, which is a well-known address for high-rise condominiums, like Amber Point, Amber Park and King's Mansion, that command views of the sea.”

The tender for the site will close on 22 June.

View the original article here

Source From Property Guru

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