Property consultancy Colliers International has launched the tender of a freehold industrial site at No.21, Kim Keat Road at an asking price of S$42 million.
That works out to S$734 per square foot per plot ratio. This includes a possible development charge of S$25 million.
Under the 2008 Master Plan, the site is zoned for ‘Business 1′ use. But the Urban Redevelopment Authority (URA) would consider re-zoning the site from industrial to residential use with a gross plot ratio of 2.8.
The site, located near Lorong Ampas, is currently occupied by a seven-storey light industrial building.
Collier’s executive director Ho Eng Joo said he expected the site to attract a pool of keen buyers.
That’s because it is located at the city fringe and in a mature enclave, well-served by a host of amenities.
He said the site could be redeveloped into a residential development consisting of 182 apartments with sizes ranging between 500 and 1,000 square feet.
The tender closes on 28 April.
Source: Channel News Asia, 30 Mar 2010