It can yield up to 27 apartment units.
Gisborne Light in Ewe Boon Road is up for collective sale at $37m, Colliers International revealed.
Sitting on a land area of 1,285.9 sq m, the residential property houses 17 apartment units ranging from 936 sq ft to 2,885 sq ft. With the buying price hitting a land rate of $1,671 sq ft, apartment owners are set to receive between $1.7m and $4.3m.
According to Colliers International, 16 out of the 17 unit owners have signed the collective sale agreement, representing approximately 95% consent level.
The property is within the vicinity of amenities including the Anglo-Chinese School, St. Joseph’s Institution, Orchard Road, and the Novena Medical Centre, amongst others.
With a gross plot ratio of 1.6, Gisborne Light can be redeveloped into a luxury boutique residential project that could yield 27 units with an average size of 780 sq ft, subject to approval from authorities.
The collective sale tender for Gisborne Light will close at 3 pm on 11 October.
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