Another site is set to test the en bloc property market here.
Goodrich Park at Simon Lane has been released for sale by tender with an asking price of S$80-85 million.
At that price, each owner stands to get on average between S$1.54 million and S$1.63 million.
The site, located in District 19 near Kovan MRT, is currently a 52-unit development.
It has a land area of close to 98,000 square feet with a gross plot ratio of 1.4 and an allowable height of up to 5 storeys.
The total gross floor area allowed is about 137,000 square.
Property consultant Credo Real Estate, which is marketing the site, says this translates to a land rate of S$585 to S$620 per square per plot ratio, excluding development charges.
The site may be configured into some 120 apartment units with an average size of 1,100 square feet, depending on layout and configuration.
More than 80 per cent of the owners have signed a collective sale agreement to sell the property.
The owners submitted a development baseline enquiry in mid-May and expect to receive a reply from the Urban Redevelopment Authority soon.
This would indicate if there is any development charge.
The tender for Goodrich Park closes on 8 July 2010 at 2.30 pm.
Source: Channel News Asia, 8 Jun 2010