Singapore – Knight Frank Singapore is pleased to announce the launch of the sale of Summer Green, a freehold residential redevelopment site off Balestier Road. Knight Frank is the sole marketing agent for the site, which is put up for sale by tender.
Summer Green is a freehold, thirteen-storey residential development comprising twenty-four apartments, and has a site area of 1,360.7 sqm (approximately 14,646 sq ft).
Under the 2014 Master Plan, the site is zoned for use under “Residential” with an approved plot ratio of 2.8. The site is regular in shape and enjoys a frontage of approximately 30 metres.
The subject site is conveniently located along Balestier Road, within walking distance to a wide array of amenities and is just a few minutes’ drive to both Novena Square and United Square, the Orchard Road shopping belt and the Central Business District.
The owners are expecting offers of above S$48.5 million, which translates to a land rate of approximately S$1,188 psf ppr, inclusive of a development charge of approximately S$253,000.
“Balestier is currently undergoing great rejuvenation with the opening of Zhongshan Mall, Ibis Singapore Novena and HealthCity Novena. At the same time, we continue to see the heightened interest for redevelopment sites, especially for boutique redevelopment sites with a Gross Development Value (GDV) of below S$100 million.
“The purchaser could potentially configure the maximum permissible Gross Floor Area (GFA) of approximately 41,010 sq ft into 54 apartment units with an average size of 753 sq ft, subject to the Urban Redevelopment Authority’s approval,” says Mr Ian Loh, Executive Director and Head, Investment and Capital Markets, Knight Frank Singapore.