A unit of Top Global Limited has clinched Braddell Park for $85 million or $665psf ppr.
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Braddell Park is a 45-unit apartment at Jalan Lateh, off Braddell Road and Upper Serangoon Road.
Under the 2008 Master Plan, the site is zoned for residential use with a plot ratio of 1.4 and an allowable height of up to five storeys. The sale was brokered by Credo Real Estate.
The site is freehold and has a land area of 91,360sqft.
Singapore Land Authority granted an in-principle approval for the sale of an adjoining piece of state land measuring some 6,540sqft, thereby allowing the purchaser to enlarge the site to about 97,900sqft and build up to a gross floor area (GFA) of 137,060sqft – sufficient for a new condo project with about 130 apartments averaging 1,000sqft, depending on layout and configuration, Credo said in a news release on Monday.
If the developer chooses to purchase the adjoining state land parcel, its effective land rate of the amalgamated site may be lowered to around $639psf ppr.
“The locality has seen major transformations with NEX mall at Serangoon Central and the completion of the MRT interchange between the North-East Line and Circle Line,” said Tan Hong Boon, deputy managing director of Credo.
“Coincidentally, the Woodleigh MRT station, which is 350 metres away from the site, commenced operations today after being closed in 2003.”
Top Global is controlled by Sukmawati Widjaja, who has a 30% stake in the consortium that is developing a retail/theatre, hotel and residential project on the landmark Capitol site.
The sale is subject to the approval of the Strata Titles Board, if necessary.
Source: Channel News Asia
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