The 78-unit Sun Rosier condominium off Bartley Road is selling en bloc, joining a fast-growing list of collective sales here.
The owners are asking for $235 million, or $1,149 per sq ft per plot ratio (psf ppr), for the freehold site, marketing agent Huttons Asia said yesterday.
The 146,046 sq ft site in How Sun Drive is about five minutes from Bartley MRT station by foot.
With a plot ratio of 1.4 under the Urban Redevelopment Authority’s Master Plan 2014, the site has a maximum gross floor area of 204,464 sq ft and can be developed into 204 condo units averaging about 1,000 sq ft each.
No development charge is payable, said Huttons.
The agent said a developer of the Sun Rosier site could tap on “favourable conditions”.
It added that “with its freehold status, prospective developers can expect strong demand from buyers, given its close proximity to the upcoming development of the Bidadari estate”.
There has been robust response to government land sales in the area, it noted.
For instance, a mixed-development government land sale site beside Woodleigh MRT station was sold at $1.132 billion, or $1,181 psf ppr, in June.
That bid was deemed bullish by consultants, who also said developers seem confident in the Government’s masterplan for the Bidadari estate.
A consortium linked to Singapore Press Holdings and Kajima Development is planning to develop more than 600 residential units and a 310,000 sq ft retail and commercial component on the 99-year leasehold site.
Another factor is that the collective sale market here is hot right now. Developer Sim Lian recently bought the sprawling Tampines Court for $970 million.
This was the largest of such deals for a former Housing and Urban Development Company property in a decade, since Farrer Court went for $1.34 billion in 2007.
Mr Galven Tan, CBRE director of capital markets, said on Wednesday that more home owners could jump on the collective sale bandwagon in the next three to six months, which will appeal to developers looking to replenish their land banks.
The tender for Sun Rosier closes on Sept 21.