SINGAPORE – Knight Frank is pleased to announce that Kemaman Point, an 89-unit residential development located off Balestier Road, has been sold collectively to Soilbuild Group Holdings Ltd for S$143.88 million.
The sale price to redevelop the site to a gross plot ratio (GPR) of 2.8 based on the maximum permissible Gross Floor Area (GFA) of approximately 122,711 sq ft, translates to a land price of approximately S$1,173 per square foot per plot ratio (psf ppr). With the inclusion of a 10% bonus balcony and a proposed plot ratio of 3.08 (2.8 + 10% balcony), the land price works out to approximately S$1,111 psf ppr, inclusive of a development charge of approximately S$6.1 million, subject to the authorities’ approval.
Each owner will stand to receive a gross sale price of approximately S$1.4 million to S$2.32 million upon a successful sale, subject to several conditions being met, including an order of sale by the Strata Titles Board or High Court.
Kemaman Point is a private residential estate comprising one residential block of 89 apartment units ranging from 79 sq m to 159 sq m, and has a site area of 4,071.5 sq m (approx. 43,825 sq ft). The immediate vicinity is predominantly surrounded by landed homes, high-rise condominiums, and retail shops.
The site is well-served by major arterial roads and expressways such as Balestier Road, PanIsland Expressway (PIE) and Central Expressway (CTE), which provide seamless connectivity to other parts of Singapore.
Mr. Ian Loh, Executive Director and Head of Investment and Capital Markets at Knight Frank Singapore, says, “The new high-rise development will enjoy unobstructed views towards Jalan Kemaman, over low-rise landed houses. We believe the new development will be sought after given the recent rejuvenation of the Balestier area, as well as the limited supply in the vicinity.”
Mr. Peter Mao, Chairman of the Collective Sale Committee of Kemaman Point, comments, “We would like to thank the owners and our appointed marketing agent and lawyer for their support, and making this collective sale a success. The process has been transparent and we hope to garner the 100% consensus to quicken the process for owners to proceed with their next home purchase.”
This is the eighth collective sale site Knight Frank Singapore has sold since the start of the collective sale flurry in May 2017, bringing the total quantum to exceed $3 billion to date.
Sales by Knight Frank include One Tree Hill Gardens for S$65 million, Rio Casa for S$575 million, Normanton Park for S$830.1 million, Dunearn Court for S$36.3 million, Mayfair Gardens for S$311 million, Dunearn Gardens for S$468 million and Goodluck Garden for S$610 million.
Knight Frank is also currently marketing Elizabeth Towers, a trophy freehold high-rise residential redevelopment site in the heart of Orchard. The reserve price for Elizabeth Towers is S$610 million.
Due to the high as-built GFA of 23,452.286 sq m and development baseline of 24,416 sq m, a development charge is not payable for the redevelopment of the site based on the GFA of 23,452.286 sq m, and this translates to a land rate of approximately S$2,416 psf ppr. With the inclusion of a 10% bonus balcony GFA, subject to the authorities’ approval, the land rate is lowered to approximately S$2,265 psf ppr.