Two freehold residential sites at Paya Lebar and Hougang are up for tender, as reported in BT today.
Charlesville
16 owners of this 5-storey, 18-unit development at Upper Paya Lebar Road have agreed to put their development out for sale. The asking price is around $31 million.
The site is 34,160sqft and has a plot ratio of 1.4. Charlesville’s existing gross floor area (GFA) is about 42,000sqft, but a developer can build a new project with a GFA of up to 52,600sqft, including an additional 10% of space allocated for balconies.
A development charge of about $2.9 million will be payable. The tender for Charlesville closes on Aug 18.
Hutton is handling the tender for Charlesville.
Naung Court
The 4-storey 20-unit Naung Court at Jalan Naung is also up for sale. Jones Lang La-Salle is handling the tender, and the indicative price is $28-30 million. This works out to between $650 and $700 per square foot per plot ratio.
The 32,689sqft site has a gross plot ratio of 1.4 and can accommodate a 5-storey project. The winning developer can build a project with a GFA of up to 45,764sqft, subject to payment of a development charge of around $2.7 million.
Naung Court is within walking distance of Hougang MRT station, Hougang bus interchange and Hougang Mall.
The tender closes on Sep 14.
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