(Image source: SLP)
Pine Tree Condominium located at the peak of Balmoral Park has joined the en bloc fray carrying a reserve price of $148 million, revealed SLP Scotia.
The 50-unit development is nestled on a 3,842.50 sq m (41,276.14 sq ft) site, which is zoned residential under the 2014 Masterplan with a plot ratio of 1.6.
Based on URA record, the freehold property has a current development baseline of 6,978.42 sq m (75,115,71 sq ft). This means that no development charge is payable for the site.
At the reserve price, each owner will receive between $2.57 million to $4.09 million from the successful sale of the property.
SLP Scotia noted that the site can be developed into a 12-storey project comprising 75 apartments with an average size of 70 sq m.
Aside from the natural elevation advantage, the freehold condo is near Ardmore Park and various reputable schools such as Anglo-Chinese School (Barker Road) and Singapore Chinese Girls’ School.
The site is well served by major roads and expressways such as Stevens Road, Scotts Road, the Central Expressway and Pan-island Expressway. It also near Steven MRT Interchange Station.
The tender for Pine Tree Condominium closes on 30 August.
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Senior Content Producer, Christopher Chitty edited this story