Kismis View is a 99-year leasehold condominium development located at District 21. (Photo: JLL)
Kismis View along Lorong Kismis within the Upper Bukit Timah area has been put up for en bloc sale, with the owners setting the minimum price at $102 million, revealed marketing agent JLL.
Comprising 43 units spread across two four-storey and seven-storey apartment blocks, Kismis View has 64 years left on its lease.
The 90,863 sq ft site is zoned for “residential” use under the 2014 Master Plan, with a gross plot ratio of 1.4.
JLL noted that the site could be redeveloped into a low-rise housing development of up to five storeys, with a total gross floor area of around 139,929 sq ft including a 10 percent bonus balcony area. It could yield a maximum of 168 housing units, based on a minimum average size control of 70 sq m.
Given the minimum price of $102 and an estimated differential premium of around $23 million, Kismis View’s land cost works out to around $983 psf per plot ratio.
“This compared favourably with some nearby land sales such as the Government Land Sale site at Toh Tuck Road earlier this year, the predominantly residential mixed-use Goh & Goh Building site and the most recent Mayfair Gardens,” it said.
JLL regional director Tan Hong Boon believes the site is attractive for developers “looking to replenish their land bank in a mature established locale yet blessed with potential strong growth especially since the recent completion of Beauty World MRT Station and the renewed government plans with its surrounding parcels of state land slated for hotel, hospital and mixed commercial-residential uses.”
“With a very manageable dollar quantum, sizeable potential upgraders from the nearby HDB estates as well as investor demand from the matured private housing owners in this Upper Bukit Timah locality, Kismis View is a desirable site of choice for developers.”
The tender for Kismis View will close on 17 January 2018.
This article was edited by Keshia Faculin.