When freehold private properties go en bloc, there is excitement in the air. Ava Towers on Balestier road has just put itself on the collective sale market for $248 million.
$248 million asking price for 124-unit Ava Towers
A mid-sized condominium built in the 1990s, Ava Towers on Balestier road sits on a reasonably-sized plot of 64,471 sq ft with a gross plot ratio of 2.8. It currently consists of 124 apartments but can be redeveloped into a site with a gross floor area of 80,159 sq ft and at least 215 units if each is sized at an average of 753 sq ft.
The $248 million reserve price translates to a land rate of $1,374 psf ppr. There is no development charge payable for this freehold plot. If however, a bonus balcony area were to be added, the land rate would be closer to $1, 274 psf ppr with a $5.03 million development charge.
Allowance may be made for additions and alterations should the developer choose to retain the development’s structure.
Related: 2 boutique sites to go en bloc
Prime city-fringe location with schools, markets, and medical facilities nearby
Ava Towers is suitably located in the city-fringe district 12 which consists of Toa Payoh, Serangoon, and Balestier. There are quite a number of medical facilities nearby such as the Thomson Medical Centre, Mount Elizabeth Novena Hospital and the Lee Kong Chian School of Medicine.
The Whampoa wet market and food centre is also nearby. Those in the know will be glad for the wide variety of good food available there. Education centers nearby include Curtin Singapore and the Global Indian International School.
As the en bloc fever burns on, developers will be more selective with their bids and sites with good locations and potential for development will continue to be in demand.