Westvale Condominium (pictured), a prime freehold residential redevelopment site at 334 Pasir Panjang Road has been put up for sale, with an indicative price of approximately S$85.5 million (S$892 psf ppr).
Adjacent to the Singapore Science Parks and National University of Singapore (NUS), the freehold site has a total area of 62,710 sq ft and an allowable building height of up to five stories. It is zoned for residential development, with a maximum gross plot ratio of 1.4.
"The site is strategically located along Singapore's 'Technology Corridor' and NUS. It is also a stone's throw away from the newly completed Haw Par Villa MRT Station (Circle Line)," said Nicholas Ng, Associate Director of Investments at Jones Lang LaSalle (JLL), the sole marketing agent for the property.
"Given the limited freehold land supply in this mature residential estate, we are expecting a healthy response from developers."
Inclusive of the 10 percent balcony space, JLL said the site has a potential gross floor area (GFA) of around 96,574 sq ft. It could generate up to 115 residential units with an average size of 800 sq ft each. The site currently comprises 32 strata walk-up apartments, and JLL noted that more than 80 percent of the owners have agreed to the sale.
"It is also only a five minutes drive away from Mapletree Business City, Alexandra Technopark, Biopolis Hub and Mediapolis Hub. Vehicular access to other parts of Singapore is enhanced by the site's proximity to West Coast Highway and Ayer Rajah Expressway (AYE)," added JLL.
The tender for the site will close on 19 April 2012, with a development charge (DC) of S$625,000.
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