Park West, a prime residential site at Jalan Lempeng, is up for en bloc at an indicative price of $803 million.
Marketing agent ERA Realty Network said the estimated differential premium and topping-up of the lease is $230 million.
The site has a 99-year lease and a total site area of over 633,600sqft. This represents a gross floor area of about 1.33 million sqft and the site is zoned for residential use with a 2.1 plot ratio.
The marketing agent added that taking into account an additional 10% gross floor area for balconies, this translates to about $700psf ppr
The residential site is located next to Nan Hua Primary School and the landed homes of Faber Hill estate
ERA said the site can be redeveloped into a residential development comprising blocks up to 25 storeys high, with over 1,000 units of about 1,200sqft each.
The tender for the site will close on October 20, Thursday afternoon.
Source: Channel News Asia
So another billion dollar collective sale in the making... maybe?
.
.jpg)
1 comments:
The land besides Nan Hua primary school is sold to build 800+ units of 40 storey high condo. This means the park west has the potential to improve in plot ratio.
Imagine that tiny land can build 800+ unit, the big plot of land at park west should be able to build a lot more than the estimated 1000 to 1200 units. Just wait. Don't rush. Let this en bloc exercise lapse. Just wait for next bigger offer.
Post a Comment