Kentish Green, a 122-unit condominium in Oxford Road, has been put up for collective sale with a reserve price of $230 million, reported The Straits Times.
Given the price, the owners stand to gain $1.736 million to $2.086 million from the successful sale of the development.
The buyer of the development will have to pay a $20 million premium to top up the site’s existing balance lease of 76 years to a fresh 99-year lease as well as a differential premium to intensify the plot ratio.
Located near Farrer Park MRT station, the 59,143 sq ft site can yield 219 to 250 apartments with a small commercial component when redeveloped.
One draw to the development could be the upcoming Russian Cultural Centre in neighbouring Rangoon Road as it could help drive demand for retail activity and accommodation within the area, said marketing agent ERA Realty.
A Russian Embassy representative expects work on the cultural centre to start later in the year.
Kentish Green is also near various schools such as Farrer Park Primary School and St Joseph’s Institution Junior.
The owners had submitted an outline application to the Urban Redevelopment Authority (URA), which revealed that the site’s gross plot ratio may be increased to 3.0 from its current 2.8.
The height control may also be raised to 104m above mean sea level from the current six storeys. This implies that the new development can go as high as 28 floors, subject to a formal development application.
The URA advice is valid for six months starting from May.
The tender for Kentish Green will close on 21 August.
Senior Content Producer, Christopher Chitty, edited this story