Unit owners will be compensated approximately $1.4m to $2.32m.
The 89-unit Kemaman Point in Balestier Road has been collectively sold for $143.88m to Soilbuild Group Holdings.
With an approximate land price of $1,173 per square foot per plot ratio (psf ppr), the freehold site will be redeveloped to a gross plot ration (GPR) of 2.8 based on the maximum Gross Floor Area (GFA) of approximately 122,711 sq ft.
“With the inclusion of a 10% bonus balcony and a proposed plot ratio of 3.08 (2.8 + 10% balcony), the land price works out to approximately S$1,111 psf ppr, inclusive of a development charge of approximately S$6.1 million, subject to the authorities’ approval,” Knight Frank said.
Located near major arterial roads like Pan-Island Expressway (PIE) and Central Expressway (CTE), the apartment units of Kemaman Point are ranging from 850.35 sqft to 1711.46 sqft and has a site area of 43,825 sq ft.
Unit owners will be compensated approximately $1.4m to $2.32m upon sale, subject to several conditions such as an order of sale by the Strata Titles Board or High Court.
"The new high-rise development will enjoy unobstructed views towards Jalan Kemaman, over low-rise landed houses,” Knight Frank executive director and head of investment and capital markets Ian Loh noted. “We believe the new development will be sought after given the recent rejuvenation of the Balestier area, as well as the limited supply in the vicinity.”
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