Tuesday, June 8, 2010

Freehold Cavenagh Mansions up for collective sale by tender

Cavenagh Mansions, a freehold residential redevelopment site along Cavenagh Road, has been put up for sale by tender.

Its marketing agent Knight Frank said the guiding sale price is S$55 million to S$60 million.

This translates to a land price of S$1,258 to S$1,367 per square foot per plot ratio.

This is based on the potential gross floor area of about 45,768 square feet, inclusive of the additional 10 per cent space for balconies.

For the asking price, each owner stands to get between S$2.62 and S$2.86 million.

The site has a land area of 19,813 square feet.

Under the 2008 Master Plan, it is zoned for residential use at a plot ratio of 2.1 and has a building height control of 24 meters above mean sea level.

It currently comprises 21 apartment units with sizes ranging from 90 square metres to 153 square metres.

There is an additional estimated development charge of S$2.567 million for the option of 10 per cent balcony space.

Knight Frank said the site can be redeveloped into a project with 57 apartments of 800 square feet on average.

It added that the bidding developer may expect to breakeven at about S$1,750 to S$1,850 psf per plot ratio.

Cavenagh Mansions is fully owned by the original developer, Teck Jin, and thus, there is no need for Strata Titles Board and High Court approval.

The tender will close on July 8 at 3 pm.

Source: Channel News Asia, 8 Jun 2010

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