Balmoral Gardens, a 40-unit freehold condominium near Orchard Road, has joined the collective sales frenzy today (17 January), with owners expecting offers of more than $92 million.
According to sole marketing agent Huttons Asia, all residents have agreed to the en bloc sale.
“With full consensus from the owners, an approval from the Strata Titles Board for the sale is not required and the successful purchaser can take possession of the site upon the end of the vacant possession period and plan towards marketing and build the new development quickly,” said Davidz Wan, Associate Group District Director at the property agency.
Including an estimated development charge of $18.1 million to attain the site’s maximum permissible gross floor area (GFA), the land price amounts to around $1,872 psf per plot ratio (ppr).
The condo in 11B Balmoral Road was completed in 1981. It stands on a regular-shaped plot within proximity to Newton, Orchard and Stevens MRT stations. Its land parcel measures 36,751.52 sq ft and has a plot ratio of 1.6, with a maximum allowable height of 12 storeys.
Huttons Asia’s Head of Collective Sales Stephen Tan expects to see strong demand from developers as the rare freehold residential site is a short walk from Singapore’s iconic Orchard Road shopping belt.
The tender for Balmoral Gardens will close on 7 February 2018.
This article was edited by Keshia Faculin.