Balmoral Condominium on Balmoral Road has been sold for $141 million in a collective sale.
The sale price represents a unit land rate of $1,546psf ppr, the highest in four years.
"The new apartments will have captivating views of Goodwood Hill and the black and white conservation bungalows."
She added: "The land price of $1,546psf ppr is a record land rate since the collective sale of Westwood Apartments at $2,525psf ppr in 2007."
No development charge is payable.
The buyer is Feature (Balmoral), a consortium consisting of the Tong Eng Group, Clarus Corporation and Yuan Ching Development.
The District 10 freehold residential site has a land area of about 57,000sqft.
According to the URA Master Plan 2008, the site is zoned as "Residential" with a plot ratio of 1.6 and can yield a maximum permissible gross floor area of 91,208sqft.
The existing development comprises 45 apartments.
Each owner can potentially receive between $2.85 million and $3.26 million depending on the apartment size, averaging $2,000psf on strata area.
According to Savills, this is higher than the $1,500 to $1,600psf price if the apartments are sold individually in the secondary market.
Savills believes the transaction will give a boost to the high-end residential segment as current prices are still below the peak levels seen in 2007.
The redevelopment site can potentially accommodate approximately 80 apartments averaging 1,100 to 1,200sqft, subject to a 12-storey height restriction.
The breakeven price for the new development is estimated at between $2,200 and $2,300psf.
The sale is subject to Strata Titles Board approval.
Balmoral Condominium is Savills' third collective sale for the year, following Newton View at $147.6 million and Amber Towers at $161.6 million in March and April respectively.
Source: Channel News Asia
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