Owners set a minimum price of $530m.
A 999-year leasehold site, Brookvale Park, was launched for an en bloc sale, marketing agent JLL said.
According to a press release, over 80% of the owners set a minimum price of $530m. With an estimated development charge of $26m, the land cost could hit about $932 psf ppr.
Built in the 1980s, the site comprises 160 units. It has a size of 373,008 sqft and may be redeveloped into a residential development of up to 12 storeys, with a total gross floor area of about 656,494 sqft.
The new development can potentially be developed into 550 units with an average size of 1,100 sqft.
JLL said this compares favourably with recent land sales in the vicinity, such as Royalville at $1,960 psf ppr, Mayfair Gardens at $1,244 psf ppr, and the Government Land Sales sites at $939 and $1,540 psf ppr for Toh Tuck Road and Fourth Avenue, respectively.
It is accessible by major roads and expressways such as the Bukit Timah Road, Clementi Road, Pan Island Expressway, and Ayer Rajah Expressway.
The tender for Brookvale Park closes on Thursday, 25 January 2018, at 2.30 p.m.
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