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The biggest private residential land sale in two years.
The freehold site has a site area of 49,113 sq. ft. It has a planning approval for a 36-storey development comprising 52 three and four bedroom units and two penthouses.
OUE bought The Parisian in a collective sale for $228.1 million in December 2006. It has paid the Development Charge and Differential Premium of about $23 million. The purchase price of $283 million equates to about $2,058 per square foot per plot ratio. The break even price is estimated to be $2,500 to $2,600 psf. Depending on the launch date, the selling price would be in the region of $3,500 psf.
CBRE brokered the sale.
Jeremy Lake, Executive Director, Investment Properties said “We have been working very closely with a number of overseas developers who are actively looking to buy prime residential sites in Singapore. Until collective sales resume, there are no prime sites for developers to buy.”
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