The four-storey condominium was completed in 2008, featuring two- and three-bedroom units as well as penthouses that range from 115 sq m to 343 sq m. The owners are asking for a reserve price of $222.68 million or $3,508 per sq ft per plot ratio (psf ppr).
Beaufort On Nassim, a 30-unit freehold residential development at 12 Nassim Road, has been put up for collective sale, with a reserve price of $222.68 million or $3,508 per sq ft per plot ratio (psf ppr).
This comes after 26 of the 30 unit owners consented to the en bloc sale, which represents 86 percent of the development’s total strata area and share value.
The Business Times reported that the prime district 10 development sits on a 4,212.6 sq m (45,344 sq ft) site that is zoned residential under the 2014 Master Plan with a gross plot ratio of 1.4.
The four-storey condominium was completed in 2008, featuring two- and three-bedroom units as well as penthouses that range from 115 sq m to 343 sq m.
Suzie Mok, senior director of investment sales at Savills Singapore – the development’s marketing agent – said the freehold condominium will be the first Nassim Road en bloc sale site in 13 years since Nassim Park Residences’ sale in 2006.
“Beaufort at Nassim offers developers an extremely rare opportunity to secure a plum land along Nassim Road. Low-density residential plots on this short stretch are far and few between, further limited by single-stakeholders’ plots which are tightly held and unavailable for sale,” she said.
Mok added that the latest recorded deal within the vicinity involved the sale of a 66,452 sq ft freehold site at 14/14A Nassim Road via private treaty for $218 million. Including development charge, the price worked out to around $2,744 psf ppr.
Subject to relevant authorities’ approval, the property may be developed into a luxury condominium of up to four-storey, with an approved gross floor area of 5,890.82 sq m (63,408 sq ft).
Boasting a 65m frontage, the site is near the Orchard Road shopping belt and a few minutes’ drive to the Botanic Gardens, the central business districts, international schools and restaurants at Dempsey Hill.
“With the recent resurgence of property purchases in the luxury home segment by a growing stream of wealthy foreign buyers, and multiple GCBs transactions at benchmark price tags in the vicinity, this premier neighbourhood is poised to benefit from a land value boost,” said Mok.
The tender for Beaufort On Nassim closes on 30 September.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org