Aerial view of Tulip Garden. (Photo: Colliers International)
Two residential developments in prime district 10 – The Estoril and Tulip Garden – recently joined the en bloc sale bandwagon.
Located at 95 & 97 Holland Road, The Estoril carries a guide price of $220 million, or around $1,625 psf per plot ratio (psf ppr), revealed marketing agent CBRE.
The land price will fall to around $1,478 psf ppr, after taking into account the 10 percent bonus gross floor area (GFA) on balcony space.
The development sits on an 84,600 sq ft site, which is zoned residential with a height control of up to 12 storeys. The site has a plot ratio of 1.6 under the 2014 Master Plan and a maximum allowable GFA of around 148,896 sq ft, including the 10 percent bonus area on balconies.
Based on the Urban Redevelopment Authority’s Development Baseline Record, no development charge is payable for the site, which could be redeveloped into a residential project of 166 units, up from its current 44 units.
Meanwhile, Tulip Garden has a reserve price of $753 million, which works out to a land rate of $1,486 psf ppr.
With the inclusion of an additional 10 percent bonus GFA for balconies, the land rate would be reduced to $1,399 psf ppr after taking into account the $26.6 million development charge. Marketing agent Colliers International noted that no development charge is payable for the site.
Featuring 162 units of apartments and maisonettes as well as two shop units spread across five blocks, the development in Farrer Road is nestled on a 316,708 sq ft site. Zoned residential under the 2014 Master Plan with a gross plot ratio of 1.6 and a height limit of up to 12 storeys, the site can be redeveloped into 670 new housing units with an average size of 790 sq ft, subject to the approval of relevant authorities.
CBRE capital markets director Sammi Lim believes the spotlight on the current en bloc cycle has started to shift to the prime districts.
“The recent sale of Cairnhill Mansion, the first residential development site sold in the prime district in the current cycle, will kick-start more prime en bloc activity in the coming months,” she said.
The tender for The Estoril will close on 3 April, while the tender for Tulip Garden closes on 11 April.
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