Yet another residential development has been launched for a collective sale, this time at 11 Balmoral Road.
All owners of the 17-unit freehold development in prime district 10 have given their approval for the sale.
The sole marketing agent, JLL, said that owners are asking for $75 million, which translates to an estimated land rate of $1,761 per sq ft per plot ratio, inclusive of development charge.
An application for the development baseline has been submitted to the Urban Redevelopment Authority to establish the amount of development charge payable.
It is estimated to be in the region of $10 million, subject to confirmation.
This marks the first collective sale attempt for the property that was built in the mid-1990s. It comprises 17 units in two four-storey apartment blocks.
With full consensus from owners, an approval from the Strata Titles Board for the sale is not required and the successful purchaser can take possession of the site upon the end of the vacant possession period and plan towards marketing and building the new project quickly, JLL said.
Under the 2014 Master Plan, the 30,200 sq ft site is zoned residential with a gross plot ratio of 1.6. It may be redeveloped to accommodate an exclusive medium-rise high-end residential project of up to 12 storeys.
The site is about 10 minutes’ walk to the Newton MRT Interchange, which connects to Orchard Road, Singapore Botanic Gardens and various popular parts of the city.
Popular primary schools – the Singapore Chinese Girls’ School and Anglo-Chinese School (Primary) – are within a kilometre from the development.
“11 Balmoral Road is a compelling offering of a freehold site with manageable quantum,” said JLL regional director Tan Hong Boon. “It is expected to attract a wide pool of developers due to its affordability and a very prime location. The site also enjoys dual frontages from the main Balmoral Road and a side road.”