CULFORD Gardens in Siglap, which was put up for sale last month, has been sold to Fragrance Properties for $39 million, said Credo Real Estate, which handled the sale.
The amount falls along the higher end of the freehold property’s asking price, which was between $37 million and $40 million, allowing the developer to break even at about $950-$1,000 psf. Credo said that the site received four offers, all of which fell within this price range.
The selling price translates to a land rate of about $632 per sq ft per plot ratio (psf ppr), based on a 1.4 plot ratio – ratio of maximum potential gross floor area to land area. This excludes the 10 per cent balcony allowance.
Including the balcony allowance, the sale price becomes $574 psf ppr at a gross plot ratio of 1.54. With the sale, the owners of the en-bloc site stand to receive an average price of $1.63 million for their property.
Culford Gardens, which sits on a 44,093 sq ft site in the Siglap/Upper East Coast vicinity, is zoned under Master Plan 2008 for residential development with a maximum height of five storeys and a 1.4 plot ratio. The District 15 site is close to amenities and food & beverage outlets in Siglap and East Coast Park.
Source: Business Times, 10 Apr 2010
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