It has a site area of 1,360.7 sqm that can yield up to 54 apartments.
A freehold residential redevelopment site in Balestier Road is up for sale at $48m, Knight Frank revealed. The 13-storey Summer Green has 24 apartments with a site area of 1,360.7 sqm.
Subject to approval, the redevelopment site’s maximum permissible Gross Floor Area (GFA) of approximately 41,010 sq ft can yield to 54 apartment units with each having an average size of 753 sq ft. It has an approved plot ratio of 2.8 under the 2014 Master Plan.
The development enjoys the views of landed houses along Boon Teck Road and is accessible by major roads including the Pan-Island Expressway (PIE) and Central Expressway (CTE). It is also a 12-minute drive away from the Central Business District and a 10-minute drive from Orchard Road.
Considering the reserve price, the property has a land rate of approximately $1,178 psf ppr, inclusive of a development charge of approximately $320,000.
Knight Frank noted that the property is not subject to a Pre- Application Feasibility Study (PASF).
The tender for Summer Green will close on 20 August 2018 at 3 pm.
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