Summer Green relaunched with a lower reserve price

The property has a reserve price of $48.8m.

CBRE will relaunch Summer Green for sale via public tender with a lower reserve price of $48.8m.

The asset was first launched for sale in October 2023 at a reserve price of $53m.

“More than 80% of the owners have agreed to the lower reserve price. Including an estimated Land Betterment Charge of about $2.897m, the land rate works out to $1,178 per square foot per plot ratio (psf ppr),” CBRE, the property’s marketing agent, said.

The public tender exercise for the sale of Summer Green will end on Tuesday, 21 May 2024, at 3 pm.

Located at 11 Boon Teck Road, Summer Green is a 13-storey residential development comprising 24 apartment units. The asset has a land area of 14,646 square feet. 

Under the URA Master Plan 2019, the freehold site is zoned for “Residential” use, with an allowable gross plot ratio of 2.8 and a building height control of up to 36 storeys.