Melrose Court
According to reports in ST & BT today, Colliers International said yesterday that it brokered the sale of Melrose Court en bloc for $44 million. This is below the $48 million asking price but about 5 - 10% above the reserve. Including a development charge of $277,235, the land price works out to $665psf ppr.
Melrose Court, at 10 Lorong Limau off Kim Keat Road, is a four-storey 32-unit development. It is on a freehold site with a gross plot ratio of 2.8. Colliers had previously said that the Melrose Court site can be redeveloped into a 22-storey project of 88 apartments, each measuring 830 sq ft. The new project would have a total gross floor area of 73,271 sq ft, including an additional 10 per cent of space allowed for balconies.
The buyer is Melrose Land, formed by a group of investors. The sale is subjected to the approval of the Strata Titles Board.
If it goes through, each owner will reap gross proceeds from $1.129 million to $2.261 million, depending on unit sizes.
Maison Royale
Maison Royale, a freehold site in the Newton area, is the latest development put up for en bloc sale. This is according to a Channel News Asia report yesterday.
The development located at No.1 Surrey Road is going for at least S$48 million. This translates to about S$1,220psf ppr.
The site has a land area of about 14,107sqft and is designated for residential use with a plot ratio of 2.8 and an allowable height of up to 117m above mean sea level.
Currently, it has 20 apartment units with sizes of 1,249 and 1,636 sq ft.
The marketing agent, Urban Front Real Estate, said the site can be redeveloped into a 40-unit residential project with an average size of 988 sq ft per unit.
Owners can reap about $2.2 million to $2.59 million each, depending on unit sizes.
The closing date for the public tender is September 28.
And according to BT today, owners of Maison Royale had tried to sell their estate for at least $50 million in 2008.
With the recent property market cooling measures announced by the government earlier this week and the release of more government land for private residential housing, it will be interesting to see how much interest the Maison Royale en bloc will generate from developers.
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