The collective sale of Fragrance Court (pictured) was launched for the public tender yesterday.
The regularly-shaped freehold site has an area of about 38,220 sq ft, and is zoned “Residential” under the Urban Redevelopment Authority (URA) Masterplan 2014 with a plot ratio of 1.4.
The existing development comprises 32 apartments and owners representing more than the requisite 80 percent of share value and strata area have consented to the collective sale.
Development charge is only payable assuming the developer chooses to build an additional 10 percent balcony space. The development charge for this is around $2.708 million and the reserve price will translate to $1,235 psf per plot ratio. The reserve price is $70 million.
The site is a 200 metre walk to Pasir Panjang MRT station and is a 10 minute drive to the CBD. Pasir Panjang Food Court, Alexandra Retail Centre, VivoCity, and Harbourfront Centre are among the retail and dining amenities nearby.
“Given that the neighboring project ‘Bijou’ achieved an average sale price of $2,120 psf in August 2014, we envisage keen interest from developers. The development size is also very manageable and will draw in a wide pool of buyers,” said Galven Tan, Director, Investment Properties, CBRE, the sole marketing agent for the property.
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He added, “As witnessed in recent Government Land Sale tenders, development sites especially those next to MRT Stations continue to be highly sought after by developers. The matured neighbourhood of Pasir Panjang will further benefit from the future Greater Southern Waterfront City, planned by the URA.”
The tender closes on 19 November.
Image by CBRE
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
