Private residential estate in Balestier sold for $143.88 million

Areas with many older residential establishments could be looking at a revival in the next decade as many of them go en bloc.

Freehold private estate with 1 residential block in the city fringe

Kemaman Point. Picture: Knight Frank

Kemaman Point, a private residential estate in Balestier with just one 89-unit apartment block, stands on an approximate 43,825 sq ft site. Soilbuild Group Holdings won the tender for the collective sale of the development with a bid of $143.88 million.

From this sale, each owner will receive between $1.4 million to $2.32 million.

The site has a gross plot ratio of 2.8 with the maximum permissible gross floor area hovering around 122,711 sq ft. Taking the 10% bonus balcony area and a development charge of $6.1 million into consideration, the land price translates to approximately $1,111 psf ppr.

Related: Kemaman Point – Sold to Soilbuild Group Holdings Ltd

Site well-placed between Toa Payoh and Whampoa

The estate sits between the Toa Payoh and Boon Keng MRT stations, which means residents here will have the benefit of having 2 MRT lines to choose from. The Pan Island Expressway (PIE) and Central Expressway (CTE) are also just a short drive away.

When the new development is built up, the higher floors will allow residents a panoramic view of the surrounding areas, made up of mostly low-rise landed properties. The developer is banking on the lack of supply of new units in the vicinity, as well as the recent rejuvenation of the Balestier area.

The sale is currently subject to some conditions, including an order of sale by the Strata Titles Board or the High Court. The collective sale committee of the development hopes that 100% consensus can be achieved soon.