Balmoral Condominium on Balmoral Road has been sold for S$141 million in a collective sale.
The sale price represents a unit land rate of S$1,546 per square foot per plot ratio, the highest in four years.
Suzie Mok, director of investment sales at Savills Singapore, which brokered the deal, said: “The property has excellent potential, given its exclusivity and choice location in the prime District 10 area.
“The new apartments will have captivating views of Goodwood Hill and the black and white conservation bungalows.”
She added: “The land price of S$1,546 psf per plot ratio is a record land rate since the collective sale of Westwood Apartments at S$2,525 psf per plot ratio in 2007.”
No development charge is payable.
The buyer is Feature (Balmoral), a consortium consisting of the Tong Eng Group, Clarus Corporation and Yuan Ching Development.
The District 10 freehold residential site has a land area of about 57,000 square feet.
According to the URA Master Plan 2008, the site is zoned as “Residential” with a plot ratio of 1.6 and can yield a maximum permissible gross floor area of 91,208 square feet.
The existing development comprises 45 apartments.
Each owner can potentially receive between S$2.85 million and S$3.26 million depending on the apartment size, averaging S$2,000 per square foot on strata area.
According to Savills, this is higher than the S$1,500 to S$1,600 per square foot price if the apartments are sold individually in the secondary market.
Savills believes the transaction will give a boost to the high-end residential segment as current prices are still below the peak levels seen in 2007.
The redevelopment site can potentially accommodate approximately 80 apartments averaging 1,100 to 1,200 square feet, subject to a 12-storey height restriction.
The breakeven price for the new development is estimated at between S$2,200 and S$2,300 per square foot.
The sale is subject to Strata Titles Board approval.
Balmoral Condominium is Savills’ third collective sale for the year, following Newton View at S$147.6 million and Amber Towers at S$161.6 million in March and April respectively.
Source : Channel NewsAsia – 22 Jun 2011