Austral View up for tender

Austral View in the Tanjong Rhu area has been put up for sale through a public tender with an indicative price of S$88 million, or S$1,350 psf ppr.

CB Richard Ellis (CBRE), the marketing agent for the property, said the small apartment block has an area of 2,837 sq m. It is zoned for residential development under the 2008 Master Plan, with a gross plot ratio of 2.1 and an allowable building height of up to 24 storeys.

It added that, given the S$88 million indicative price for the property, potential developers can break even at approximately S$1,800 psf.

Charles Hoon, Director for Investment Properties at CBRE, said the recent caveats in some newly launched projects like The Seafront @ Meyer and the Aalto have reached above S$2,200 psf level.

“We expect strong interest from a good pool of both local and foreign developers, contractors and investors looking to develop a high-end boutique development on the site,” he said.

He noted that Austral View was the only “bite-size” site currently available in the area.

The tender for the property will close on 17 March.