Its site area of 3,583.8 sq m can yield up to 70 units.
Fragrant Gardens in Upper Paya Lebar Road is up for collective sale for $65m, Knight Frank revealed. The low-rise residential development which has a site area of 3,583.8 sq m includes two blocks of 37 apartment units.
With a Gross Plot Ratio (GPR) of 1.4, the site can be redeveloped to reach a maximum permissible Gross Floor Area (GFA) of about 54,005 sq ft which can yield up to 70 units with average sizes of 70 sq m.
Located within an area near landed homes and condominiums, Fragrant Gardens is also situated near schools including Paya Lebar Methodist Girls’ Primary and Secondary Schools, Maris Stella High School, and Cedar Primary School, amongst others.
In addition, the development is accessible to various parts of Singapore as it is located just two bus stops away from NEX Mall and Serangoon MRT Interchange (NE12/CC13) whilst Orchard Road, Central Business District, and Changi Airport are just a 15-minute drive away.
The site is also located approximately 600 metres from Bartley MRT station and enjoys a proximity to Paya Lebar Central and Kovan. The Upper Paya Lebar Road and Upper Serangoon Road also provide the property with a connectivity to other parts of Singapore through the Central Expressway (CTE), Kallang-Paya Lebar Expressway (KPE) and Pan-Island Expressway (PIE).
With no development charge payable for the redevelopment of the site to its permissible GFA, the site’s land rate is approximately $1,204 psf ppr.
The tender for Fragrant Gardens will close on 4 September 2018 at 3pm.
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