Park West, a prime residential site at Jalan Lempeng in Clementi, has been launched for en bloc sale with an indicative price of S$803 million.
This works out to around S$603 psf ppr based on a gross floor area (GFA) of approximately 1,330,653 sq ft. The 99-year leasehold site has a gross plot ratio of 2.1 and can be redeveloped into a 25-storey residential project with around 1,000 to 1,100 units measuring 1,200 sq ft each.
If the developers maximise the additional 10 percent bonus GFA for balconies, the S$803 million price tag for the site can translate to around S$700 psf ppr, including an estimated differential premium and topping-up of lease of S$230.0 million.
ERA Realty, which is marketing the property, said the site could draw interest from large local and foreign companies due to its location and growth potential.
“The purchasers of Park West site can expect extremely good demand for their new development, since employment will greatly increase as the Jurong Gateway and Lakeside District metamorphose into modern, bustling commercial and residential hubs,” it said.
ERA Realty said the tender for the site will close on 20 October 2011.
Meanwhile, Daisy Apartments, a 12-unit apartment block at Daisy Road, has been successfully sold to SingBuilders for S$14.618 million.
This translates to a land rate of around S$738 psf ppr, including an estimated development charge (DC) for the 10 percent bonus GFA for the balconies.
Located near Serangoon Gardens, the site has a total land area of 13,621 sq ft and is zoned for residential development with a gross plot ratio of 1.4 and a maximum height of five storeys.
With the successful sale, each owner is expected to receive gross sales proceeds of between S$1.10 million and S$1.27 million.
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