Upon redevelopment, the site can offer new 162 units.
The freehold residential redevelopment site off Balestier Road, Kemaman Point, has been put up for en bloc sale via tender at a price of $143.8m or $1,180 psf ppr, Knight Frank said. The price includes a development charge of $958,000.
According to an announcement, the site comprises one residential block of 89 apartment units. With a site area of 4,071.5 sqm (approx. 43,825 sq ft), the land is regular and enjoys a wide frontage of 92 metres from Jalan Kemaman.
Under the 2014 Master Plan, the site is zoned “Residential” with a Gross Plot Ratio (GPR) of 2.8 and can yield about 122,710 sq ft of gross floor area upon redevelopment. Based on the potential GFA and assuming the average size of 70 sqm, there is a potential for 162 new residential units upon redevelopment.
The site is connected to major roads as well as expressways such as the Pan-Island Expressway (PIE), Central Expressway (CTE), and Balestier Road. The site is 12 minutes’ drive to the Central Business District and 10 minutes’ drive away from the shopping and entertainment strip of Orchard Road. The site is also located along the Central Urban Loop (Whampoa Park Connector), an islandwide network which links up parks and nature sites.
Knight Frank executive director & head of investment and capital markets Ian Loh commented, “Kemaman Point is off Balestier Road, which has been rejuvenated by the influx of renowned F&B outlets and cafes. The area has quickly become a food haven that attracts foodies across generations. The new development built on site will also be able to enjoy unblocked views towards Jalan Kemaman, over the low-rise landed houses. There also isn’t much impending supply in the Balestier area through land sales and collective sales. Hence new launches in the area are likely to be sought after due to the limited supply as well as the lifestyle that the area provides."
The tender for Kemaman Point will close on 12 June 2018, Tuesday at 3 p.m.
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