Tuesday, July 6, 2010

Boutique developer buys Kim Keat site for $36m

It will develop a 20-storey apartment building, with prices at about $1,400 psf

BOUTIQUE developer BS Capital has bought a freehold site at Kim Keat Road-Lorong Ampas for just over $36 million or $670 per square foot of potential gross floor area, including an estimated development charge of almost $25 million.

The Colourscan building now stands on the 32,544 sq ft site, but the Urban Redevelopment Authority has approved rezoning from Business 1 to residential use with 2.8 plot ratio - the ratio of maximum potential gross floor area to land area.

BS Capital plans to develop a 20-storey project with about 160 apartments - mostly studios, and one and two-bedders - ranging from about 400 to 700 sq ft per unit.

There will also be some four and five-bedroom penthouses, said the company's chief executive, Chin Teck Chuan.

The plan is to launch the proposed District 12 residential project within six months.

'We're targeting an average price of about $1,300-1,400 psf,' Mr Chin told BT yesterday.

The property was sold by Colourscan in a deal brokered by Colliers International.

Balestier has been gradually transformed into a vibrant and modern area, with a number of new residential projects and a commercial development slated to be completed in the next few years, said Colliers executive director of investment sales Ho Eng Joo.

In April, BT reported that the freehold Diamond Tower in Jalan Rajah, also in the Balestier area and District 12, was sold for $49.6 million or $652 psf per plot ratio including DC through a collective sale.

The Diamond Tower site is 27,323 sq ft and is zoned for residential use with 2.8 plot ratio.

Buyer EL Development plans to redevelop the site into a new apartment block with about 100 units comprising one, two and three-bedroom units.

BS Capital also developed The Lumiere off Shenton Way.

It plans to release for sale soon the final 55 apartments, which are on the 34th floor and above.

'Most of the units will be priced at $2,500 psf or more,' Mr Chin said.

The 99-year leasehold project, which is 45 storeys high, has ground floor retail space and 168 apartments.

The development is expected to receive Temporary Occupation Permit next month.

Source: Business Times, 6 Jul 2010

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