The collective market has seen another four freehold residential development sites of different region go on the market in Singapore for millions of dollars. The insatiable demand for development has taken the market by storm over the last few months, causing many residential properties to choose to sell their land. The four residential sites include the Asia Gardens which is in the central Singapore along Everton Road, Park View Mansions which is the West and is close to the Jurong Business District, Moulmein Rise, and Katong Omega Apartments.
What are the Statistics Behind These Sells and Their Respective Breakdowns?
The asking prices for the residential sites are in the millions of dollars. The Asia Gardens development is looking to catch a $338 million asking price, whereas, Park View Mansions is looking for $320 million. Moulmein Rise which is near Novena is priced at $110 million while the fourth site, Katong Omega Apartments on East Coast Road, is valued at $41 million.
• The fourth site, Katong Omega Apartments, located at 357-367C District Fifteen, East Coast Road, will be about $1,062psf ppr with a development charge of $480,000. The site has a land area of 27, 902.4 square feet, with an allowable height of five storeys and a plot ratio of 1.4. All eighteen units within the apartment complex have unanimously agreed to sell.
• The third site, 27 Moulmein Rise, located in the Prime District II, is about $1,525 psf ppr with a ten percent balcony area and 72,1747 square feet. There is no development charge on this plot and it will be located near the Health City Novena. The development of the Health City Novena will be completed by 2030.
• The second site, Park View Mansions, located at Yuan Ching Road in District D22, is about $1,183 psf ppr with a land area of 191,974 square feet, a plot ratio of 2.1 and 403,145 square feet upon redevelopment. Of the $320 million, $157 million will be used to intensify the land and refresh the ninety-nine-year lease.
• The first site, Asia Gardens, is currently comprised of eighty apartments, four penthouses, and 72,059 square feet. As of rate now the rate works out to $1,675 per square foot, has a ten percent balcony bonus, or works out to $1,523 per square feet when looking at the maximum gross floor potential. It has a gross plot ratio of 2.8 but could yield a condominium of 270 units with thirty-six storeys at 70 square metres upon redevelopment. The development is located in the Spottiswoode Enclave.
All four developments will be closing their tenders in the month of April. Asia Gardens on the 16th, Park View Mansions on the 20th, 27 Moulmein Rise on the 18th, and Katong Omega Apartments on the 5th 2018.
Learn more from link below:
Upcoming Freehold condo
New launch condo in 2018