PropNex Realty launches for sale Island View for $575m

The freehold development is a 10-minute drive away from the central business district.

Island View, a freehold property in District 5 that has been standing since 1984, will be put up for collective sale via tender on 19 September at a reserve price of $575m. 

After land betterment and the 7% bonus balcony space charges, the land rate works out to $1,623 psf per plot ratio.

The property has 72 units and sits on a 309,543 sq ft elevated site. 

It has a redevelopment potential of up to 5-storeys high and could yield 402 new dwelling units, based on an average unit size of 100 sqm.

Propnex Realty, the property’s marketing agent, will close the collective sale tender on 18 October at 2 pm. Interested parties can submit their tender documents at the PropNex office.