Soilbuild Group pays $143.88 mln for Kemaman Point
Exterior of Kemaman Point (Credit: Knight Frank)
Soilbuild Group has purchased the freehold, 89-unit Kemaman Point en bloc for $143.88 million.
The sale price for the apartment block located off Balestier Road translates to a land rate of $1,173 psf per plot ratio (ppr). If the 10% bonus balcony and development charge of $6.1 million were included, the land rate would be reduced to $1,111 psf ppr, according to marketing agent Knight Frank.
Based on the plot ratio of 2.8, the site of 43,825 sq ft can be redeveloped into a new development with a maximum gross floor area of 122,711 sq ft. This translates to a new condominium tower of 162 units, assuming an average unit size of 753 sq ft (70 sq m). "The new high-rise development will enjoy unobstructed views towards Jalan Kemaman, over low-rise landed houses”, says Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore.
The existing Kemaman Point is made up of a block of 89 apartments. Each owner will therefore stand to receive $1.4 million to $2.32 million.
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