The sale price of Kemaman Point works out to a land rate of about $1,173 psf ppr. (Photo: Knight Frank)
Soilbuild Group has emerged victorious in the tender for the en bloc sale of Kemaman Point off Balestier Road in District 12, with a $143.88 million bid.
Marketing agent Knight Frank noted that the sale price to redevelop the site to a gross plot ratio of 2.8 based on the maximum permissible gross floor area of approximately 122,711 sq ft works out to a land rate of about $1,173 psf per plot ratio (psf ppr).
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Inclusive of the 10 percent bonus balcony space and a proposed plot ratio of 3.08, the land rate works out to a lower $1,111 psf ppr, inclusive of a $6.1 million development charge.
With this, each owner stands to receive gross sale proceeds of between $1.4 million and $2.32 million. Knight Frank revealed that the sale of Kemaman Point is subject to several conditions, including an order of sale by the Strata Titles Board or High Court.
With a site area of about 43,825 sq ft, the project comprises one residential block of 89 apartments measuring between 850 sq ft and 1,711 sq ft.
“The new high-rise development will enjoy unobstructed views towards Jalan Kemaman, over low-rise landed houses,” said Ian Loh, Knight Frank’s executive director and head of investment and capital markets.
“We believe the new development will be sought after given the recent rejuvenation of the Balestier area, as well as the limited supply in the vicinity.”
Meanwhile, Peter Mao, the collective sale committee chairman of Kemaman Point, is looking forward to garnering 100 percent consensus “to quicken the process for owners to proceed with their next home purchase”.
Learn more about the Balestier/Toa Payoh area and search for properties to buy or rent.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com