Mainboard-listed BBR Holdings plans to acquire a plot of freehold land at Simon Lane, near Serangoon Gardens, for S$86 million.
BBR said it aims to develop a low-rise condominium project on the over 9,000 square metre site which currently houses Goodrich Park Condominium.
Under the URA 2008 Master Plan, the site is zoned for residential development with an allowable height of up to 5 storeys and a Gross Plot Ratio of 1.4.
Based on this plot ratio, BBR said the cost of the land works out to about S$629 per square foot per plot ratio.
By including an additional 10 per cent of balcony gross floor area, the cost will be about S$572 per square foot per plot ratio.
BBR said development charges are not payable for the redevelopment of this site.
The group intends to develop a 5-storey condominium comprising some 120 units of around 1,200 square feet each, due to be completed by the end of next year.
BBR’s order book stood at S$520 million as at May 11 this year.
New projects won since then have boosted its gross order book to approximately S$605 million, mainly from civil engineering and building projects in Singapore and Malaysia.
Source: Channel News Asia, 12 Jul 2010