Tender for the collective sale of Mayfair Gardens has been launched by CKS Property Consultants.
The 208,475 square feet redevelopment site along Rifle Range Road at Bukit Timah, will be open for tender tomorrow, Dec 22.
It is zoned for residential use with a gross plot ratio of 1.4, and has a remaining lease tenure of about 72 years.
The new development could potentially yield a maximum gross floor area of about 292,000 sq ft, or an estimated 200 units of 1,500 sq ft apartments.
Consent has been obtained from more than 80 per cent of the owners to proceed with the sale.
CKS Property Consultants expects the Mayfair Gardens tender to ‘generate keen interest and achieve in excess of $210 million (US$150 million)’. This translates to about $857 per square foot per plot ratio, including an estimated $40 million in development charges and the topping-up of the site’s lease to 99 years.
The tender will close on Jan 14.
Source: Business Times, 21 Dec 2009