Summer Green in Balestier up for en bloc sale

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Summer Green in Balestier up for en bloc sale

Another residential development, this time off Balestier Road, has been put up for collective sale, said marketing agent Knight Frank on Thursday (11 January)...

The 24-unit apartment has a guide price of over $48.5 million. (Photo: Knight Frank)

Another residential development, this time off Balestier Road, has been put up for collective sale, said marketing agent Knight Frank on Thursday (11 January).

The freehold Summer Green apartment block comprises 24 units and has a guide price of over $48.5 million. This works out to a land rate of about $1,188 psf per plot ratio, inclusive of a development charge of around $253,000.

The approximately 14,646 sq ft site has been zoned for residential use with a plot ratio of 2.8 under the 2014 Master Plan.

Summer Green is located close to shops and eateries at Novena Square and United Square, Orchard Road and the Central Business District.

“Balestier is currently undergoing great rejuvenation with the opening of Zhongshan Mall, Ibis Singapore Novena and HealthCity Novena. At the same time, we continue to see heightened interest for redevelopment sites, especially for boutique redevelopment sites with gross development value of below $100 million,” said Ian Loh, executive director and head, investment and capital markets, Knight Frank Singapore.

Loh noted that a buyer could potentially configure the maximum permissible gross floor area of approximately 41,010 sq ft into 54 apartments with an average size of 753 sq ft, subject to the Urban Redevelopment Authority’s approval.

The tender exercise for Summer Green will close on 12 February.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg