Freehold residential development Kemaman View was put up for sale by public
tender on Monday.Located at Jalan Kemaman off Balestier Road, the development sits on a land size of approximately 17,400sqft.
The
site is zoned for residential use, with a gross plot ratio of 2.8 and a maximum
building height of up to 36 storeys.
The indicative price for the
development is between $46 million to $48 million, marketing agent HSR
Investment Sales said in a statement.
The figure translates to $945 to $986psf ppr.
No development charge is expected to be payable for the site.
Head of HSR Investment Sales Jeffrey Goh said, "The Balestier vicinity has been singled out as the key city fringe area to be enhanced, rejuvenated and revitalised.
"The upcoming Zhongshan Park and hotel developments will add vibrancy and add to the charm of the area."
Kemaman View currently comprises 30 units, each with an average size of about 1,300sqft.
HSR said a brand new high-rise development could yield about 98 new apartment units with unit sizes averaging 600sqft each.
It added that the units would have a target selling price of between $1,400 to $1,600psf, with an expected break-even price of about $1,300psf.
New nearby developments, such as The Interweave and Prestige Heights, are transacting between $1,400psf and $1,600psf for individual units.
The tender will close on May 23 at 3pm.
Source: Channel News Asia
One major issue that the wife and I have with this site is that access to the new development may be somewhat challenging especially during major Buddhist festivities and "Ching Ming" period.
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The plot is relatively small as compared with nearby Kemaman Point and Ampas Apartments. Given the combination of Kemaman Point, Ampas apartments and Birchwood mansions will provide a giant plot that can allow build up of at least 350 ~ 400 units.
ReplyDeleteAnyone know if Kemaman Point is already on the enblock list ? The reason I asked is that I plan to buy Kemaman Point to stay, and will be
ReplyDeletea bit loss giving 16% or 12% tax if the place get enblock in 1-2 years. Currently the price
for sales is not very humble pricing.
Appreciate if anyone know, can let me know the
status.