The hot property market has seen yet another residential development going up for en bloc sale.
The public tender for the collective sale of Melrose Court at No.10, Lorong Limau has been launched.
The freehold site is currently occupied by a four-storey residential development comprising 32 units.
It has an area of 23,789 sq ft.
The site is zoned for “residential” use with a gross plot ratio of 2.8 under the 2008 Master Plan.
Property consultant Colliers International says it can be re-developed into a 22-storey residential development with a total gross floor area of 73,271 sq ft.
This includes an additional 10 per cent allowed for balcony space.
The new development can accommodate some 88 units of 830 square feet each.
Colliers International says the indicative price is about S$48 million, which works out to some S$688 per square foot per plot ratio.
This includes a development charge of about S$2.38 million.
Colliers International adds that over than 80 per cent of the owners have agreed to the sale.
Based on the asking price, each owner could reap between S$1.23 million and S$2.46 million from the sale.
The tender will close on August 12.
Source: Channel News Asia, 14 Jul 2010