Brookvale Park, a 999-year leasehold condominium located within the Sunset Way estate off Clementi, was launched for collective sale on Dec 6 with a minimum price tag of $530 million. As at Dec 6, more than 80% of the owners have consented to the collective sale.
According to JLL, the estimated development charge is $26 million. This translates into a land cost of about $932 psf ppr. The 373,008 sq ft site could be redeveloped into a project with 550 residential units with an average size of 1,100 sq ft, says JLL, who estimates the breakeven price to range between $1,480 and $1,500 psf.
Under the 2014 Master Plan, the site is zoned “Residential”, with a gross plot ratio of 1.6. Nearby institutions include the Singapore University of Social Sciences (the former Singapore Institute of Management) and Ngee Ann Polytechnic. The tender closes on Jan 25, 2018.
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