Kemaman Point, a freehold condominium off Balestier Road in District 12, was launched for collective sale on Monday (7 May) with a reserve price of $143.8 million, said marketing agent Knight Frank Singapore.
Completed in 1993, it comprises one block of 89 apartments and is located close to Novena MRT station, Balestier Plaza and Shaw Plaza.
The reserve price works out to a land rate of $1,180 psf per plot ratio, inclusive of a development charge of about $958,000.
The approximately 43,825 sq ft site is zoned residential with a gross plot ratio of 2.8 under the 2014 Master Plan, and could be redeveloped up to a maximum permissible gross floor area of about 122,710 sq ft.
The site could potentially yield some 162 units based on an average size of 753 sq ft.
“The new development built on site will enjoy unblocked views towards Jalan Kemaman, over the low-rise landed homes,” said Ian Loh, Knight Frank’s executive director & head of investment and capital markets.
“There also isn’t much impending supply in the Balestier area through land sales and collective sales. Hence new launches in the area are likely to be sought after due to the limited supply as well as the lifestyle that the area provides,” he added.
The tender exercise will close on 12 June.
Source: Property Guru