Balmoral Condominium, which is located in District 10, has been put up for sale through a public tender with an indicative price of $171 million to $175 million. This translates to around $1,866 to $1,910 psf per plot.
More than 80 percent of the owners have already agreed to the en bloc sale, said marketing agent Savills Singapore. In 2007, an unsuccessful attempt at enbloc sale was carried out at much lower prices.
The 18-year-old redevelopment site, which has a development baseline of 91,622 sq ft, sits on approximately 57,007-sq-ft (5,296 sq m) prime residential land. No development charge is payable as it already surpasses the permissible plot ratio of 1.6 under the 2008 Master Plan.
The site can potentially yield around 65 apartment units averaging 1,300 sq ft each, subject to a 12-storey height restriction, said Savills.
The property is located along Balmoral Road, a popular and exclusive address, which is only minutes’ drive to and from Orchard Road shopping centre, Balmoral Plaza, Newton MRT Station, as well as prestigious clubs including Tanglin Club and The Pines. It is also within the proximity of popular and reputable schools such as Singapore Chinese Girls’ Primary School and Anglo-Chinese School (Barker Road).
“We expect strong interest for Balmoral Condominium due to the lack of choice residential plots in the prime districts,” said Suzie Mok, director of investment project, Savills.
The tender for the site will close on September 8.