Tuesday, July 6, 2010

Kim Keat site sold for $36 million

The BT today reported that boutique developer BS Capital has bought a freehold site at Kim Keat Road-Lorong Ampas for just over $36 million or $670psf of potential gross floor area, including an estimated development charge of almost $25 million.

The Colourscan building now stands on the 32,544sqft site, but the Urban Redevelopment Authority has approved rezoning from Business 1 to residential use with 2.8 plot ratio – the ratio of maximum potential gross floor area to land area.

BS Capital plans to develop a 20-storey project with about 160 apartments – mostly studios, and one and two-bedders – ranging from about 400 to 700sqft per unit. There will also be some four and five-bedroom penthouses.

The plan is to launch the proposed District 12 residential project within six months. The developer is targeting an average price of about $1,300 – 1,400psf.

BS Capital is also the developer of The Lumiere - a 99-year leasehold, 45-storey condo with 168 units off Shenton Way.



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