Two residential sites up for tender

THE owners of three landed properties in Amber Road in the East Coast area are joining forces to put their adjoining plots of land up for sale by tender.

The freehold sites have a total land area of 28,409 sq ft and are zoned for residential use under the 2008 Master Plan. They have a gross plot ratio of 2.8.

The sellers are expecting offers in the region of $73 million to $80 million.

Under the Master Plan, the entire plot may be redeveloped into a high-rise residential development of over 20 storeys with partial sea views; the plot can yield about 75 apartments with an average size of 1,000 sq ft.

As the properties are not strata-titled, there is no need for an application to the Strata Titles Board.

The successful purchaser would be able to take possession of the subject site upon completion, and could plan towards marketing and building the new project relatively quickly.

The site is near schools and amenities like Parkway Parade.

The tender opens today and closes on June 22.

Another larger freehold residential site, currently used for industrial purposes, is also on sale today.

The site, at 63 Hillview Avenue in the Upper Bukit Timah area, was launched for sale by tender.

The 230,915 sq ft site has a wide road frontage of about 200m, facing Hillview Avenue.

It is occupied by Lam Soon Industrial Building, a 10-storey light industrial development with 154 warehouses and factories.

Under the 2008 Master Plan, the site is zoned for residential use with a gross plot ratio of 1.92.

The indicative pricing is $330 million, or $925 per sq ft per plot ratio.

The site could yield a 10-storey building with 370 residential units of 1,200 sq ft each.

The successful buyer could also choose to retain the existing building for light industrial work, subject to the Urban Redevelopment Authority’s approval.

Source: The Straits Times – 24 May 2012

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