Published 5 April 2011
The Business Times
Tenders for the two small sites close on May 11 and April 28
TWO small residential sites, one each on Haig Road and Lim Tua Tow Road, have been put up for sale by tender.
Haig Mansions, a 16-unit apartment development on Haig Road, is being marketed by Credo Real Estate. The freehold site has a land area of 20,226 square feet. Under the 2008 Master Plan, it is zoned ‘residential’ with a gross plot ratio of 1.4 and an allowable height of up to five storeys.
Credo said in a press statement yesterday that more than 80 per cent of the owners have signed a collective sale agreement to sell the property.
The indicative asking price is above $21 million or about $746 per square foot per plot ratio (psf ppr), after factoring in a nominal development charge (DC) estimated based on the available Master Plan. To ascertain the actual DC quantum, the owners have submitted a development baseline enquiry to the Urban Redevelopment Authority.
Based on the total gross floor area of about 28,317 sq ft, the site can be redeveloped to accommodate 45 apartment units of an average 600 sq ft each. The breakeven price is expected to be about $1,150 per sq ft. The tender for Haig Mansions Park closes on May 11 at 2.30pm.
The Lim Tua Tow Road site is being marketed by Savills Singapore. The 28,676-sq-ft freehold redevelopment site is located at No 28 Lim Tua Tow Road within an established private residential enclave in District 19.
Based on the 2008 Master Plan, the site, which presently accommodates three single-storey houses, is zoned residential with an ascribed plot ratio of 1.4.
The rectangular site enjoys dual frontages both onto Lim Tua Tow Road, off Upper Serangoon Road as well as the main Yio Chu Kang Road.
Savills said in a press statement yesterday that the property can be redeveloped into a five-storey development with about 43 apartments averaging 850 sq ft each.
The Lim Tua Tow site has an indicative guide price of $26 million, or land rate of about $797 psf ppr inclusive of an estimated development charge of about $6 million. The closing date for this tender is April 28, at 3pm.