Balestier Regency is located close to the Toa Payoh and Novena MRT stations. (Photo: Teakhwa Real Estate)
The Balestier Regency freehold condominium was put up for collective sale on Wednesday (23 May) at an indicative price of at least $218 million, reported the Business Times.
According to marketing agent Teakhwa Real Estate, the asking price works out to a land rate of $1,264.90 psf per plot ratio (psf ppr), inclusive of a development charge of $1.35 million. If the 10 percent bonus balcony space is included, the land price translates to a lower $1,220.90 psf ppr.
Located along Balestier Road in District 12, the project is close to the Toa Payoh and Novena MRT stations. The 61,951.8 sq ft site has a plot ratio of 2.8 and a maximum permissible building height of 36 storeys.
Completed in 1990, the existing 72-unit apartment can be redeveloped into a new residential project with some 230 units measuring 753 sq ft on average. This is based on the site’s gross floor area of 173,408.9 sq ft and subject to obtaining the necessary approvals from the relevant authorities.
“For its central city location, freehold tenure, huge land size and undemanding land rate expectation, we can expect strong developers’ interest for this attractive site,” said Teakhwa Real Estate managing director Sieow Teak Hwa.
The tender exercise for Balestier Regency closes on 21 June.
Learn more about the Balestier/Toa Payoh area and search for properties to buy or rent.