With a maximum gross floor area of 204,464 sq ft, the freehold site can yield 204 housing units with an average size of around 1,000 sq ft each. (Photo: Google Maps)
The owners of the 78-unit Sun Rosier condominium in How Sun Drive have joined the collective sale bandwagon, setting the indicative price at S$235 million, reported The Straits Times.
The selling price works out to S$1,149 per sq ft per plot ratio (psf ppr), revealed marketing agent Huttons Asia.
The 146,046 sq ft site has a plot ratio of 1.4 under the Urban Redevelopment Authority’s 2014 Master Plan. With a maximum gross floor area of 204,464 sq ft, the freehold site can yield 204 housing units with an average size of around 1,000 sq ft each.
Huttons noted that no development charge is payable for the site off Bradley Road.
Just a five minutes’ walk from Bartley MRT station, the developer of the site could tap on “favourable conditions”, it said.
And given its freehold status and proximity to the upcoming development of the Bidadari estate, “prospective developers can expect strong demand from buyers”.
In fact, government land sales within the area has received robust response from buyers. A mixed development site beside Woodleigh MRT station, for instance, was sold in June for S$1.132 billion, or S$1,181 psf ppr.
Consultants attributed the bullish bid to the developers’ confidence in the government’s masterplan for the Bidadari estate.
SEE ALSO: Bidadari mixed-use site attracts $1.132 billion top bid
A consortium connected to Kajima Development and Singapore Press Holdings plans to develop the 99-year leasehold site into more than 600 housing units as well as a 310,000 sq ft retail and commercial component.
Another factor is that Singapore’s en bloc sale market is currently hot.
Sim Lian recently acquired Tampines Court for S$970 million, making it the biggest deal for a former Housing and Urban Development Company estate since 2007, when Farrer Court went for S$1.34 billion.
CBRE’s capital markets director Galven Tan expect more home owners to join the growing list of collective sale over the next three to six months, which may appeal to developers eyeing to replenish their landbanks.
The tender for Sun Rosier will close on 21 September.