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17-02-11, 14:28
Business Times - 17 Feb 2011
Austral View project in Tanjong Rhu for sale
AUSTRAL View, a smallish apartment project in the Tanjong Rhu area, is up for sale by public tender with a price tag of $88 million, or $1,350 per square foot per plot ratio (inclusive of the 10 per cent balcony area).
CB Richard Ellis (CBRE), the sole and exclusive marketing agent for the project, said in a press statement yesterday that the freehold residential site covers an area of 2,837 square metres (30,540 sq ft).
It is zoned for residential use in the 2008 Master Plan with a gross plot ratio of 2.1, and a permissible building height of up to 24 storeys.
CBRE said that at the asking price of $88 million, potential developers can break even at about $1,800 psf.
Charles Hoon, CBRE's director for investment properties, said that recent caveats in some new projects such as the Aalto and The Seafront @ (%20@) Meyer have hit above $2,200 psf.
'We expect strong interest from a good pool of both local and foreign developers, contractors and investors looking to develop a high-end boutique development on the site,' said Mr Hoon.
He added that the Austral View site was probably the only 'bite-size' site currently available in the Tanjong Rhu Road/Meyer Road vicinity.
The area is a well-established residential estate. Both the Central Business District (CBD) and the Marina Sands Integrated Resort are a short drive away via either the East Coast Parkway or Nicoll Highway.
The Austral View tender closes on March 17 at 3 pm.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Austral View project in Tanjong Rhu for sale
AUSTRAL View, a smallish apartment project in the Tanjong Rhu area, is up for sale by public tender with a price tag of $88 million, or $1,350 per square foot per plot ratio (inclusive of the 10 per cent balcony area).
CB Richard Ellis (CBRE), the sole and exclusive marketing agent for the project, said in a press statement yesterday that the freehold residential site covers an area of 2,837 square metres (30,540 sq ft).
It is zoned for residential use in the 2008 Master Plan with a gross plot ratio of 2.1, and a permissible building height of up to 24 storeys.
CBRE said that at the asking price of $88 million, potential developers can break even at about $1,800 psf.
Charles Hoon, CBRE's director for investment properties, said that recent caveats in some new projects such as the Aalto and The Seafront @ (%20@) Meyer have hit above $2,200 psf.
'We expect strong interest from a good pool of both local and foreign developers, contractors and investors looking to develop a high-end boutique development on the site,' said Mr Hoon.
He added that the Austral View site was probably the only 'bite-size' site currently available in the Tanjong Rhu Road/Meyer Road vicinity.
The area is a well-established residential estate. Both the Central Business District (CBD) and the Marina Sands Integrated Resort are a short drive away via either the East Coast Parkway or Nicoll Highway.
The Austral View tender closes on March 17 at 3 pm.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.