mr funny
10-07-07, 04:12
Published July 10, 2007
Claymore Road site expected to sell for $2,815 psf ppr
A NEW record price for residential land is being sought, of $2,815 psf of potential gross floor area. This is the price wanted for 11 Claymore Road, a 17,974 sq ft freehold site with an old bungalow on it but which can be redeveloped into a luxury boutique apartment project with about 20 units averaging 2,400 sq ft.
http://www.businesstimes.com.sg/mnt/media/image/launched/2007-07-10/BT_6606411_09_07_2007.jpg
11 Claymore Road: The site has an old bungalow on it but can be redeveloped into a luxury boutique apartment project with about 20 units
The site has a 2.8 plot ratio (ratio of maximum potential gross floor area to land area).
'We expect to receive offers in the region of $115 million, reflecting a land rate in the region of $2,815 psf per plot ratio (psf ppr), inclusive of an estimated development charge of about $26.67 million,' reckons Credo Real Estate managing director Karamjit Singh, whose firm is marketing the property.
The $2,815 psf ppr unit land price expected for 11 Claymore Road is 20 per cent higher than the $2,338 psf ppr fetched a few weeks ago for The Ardmore, which is just behind the site.
'We wouldn't be surprised if a tycoon or a group of high net worth individuals came along to purchase the land to build something totally unique and exclusive for their own occupation. On this basis, they may even choose to build only 10 'sky-villas' of close to 5,000 sq ft each,' Mr Singh reckons. The site is owned by a local investment company controlled by a family named Kok.
Based on the $2,815 psf ppr unit land price expected, the break-even cost for a new apartment development on the site would be around $3,700 psf. The first batch of units at The Marq On Paterson Hill was recently sold for an average price of $4,100 psf.
Claymore Road site expected to sell for $2,815 psf ppr
A NEW record price for residential land is being sought, of $2,815 psf of potential gross floor area. This is the price wanted for 11 Claymore Road, a 17,974 sq ft freehold site with an old bungalow on it but which can be redeveloped into a luxury boutique apartment project with about 20 units averaging 2,400 sq ft.
http://www.businesstimes.com.sg/mnt/media/image/launched/2007-07-10/BT_6606411_09_07_2007.jpg
11 Claymore Road: The site has an old bungalow on it but can be redeveloped into a luxury boutique apartment project with about 20 units
The site has a 2.8 plot ratio (ratio of maximum potential gross floor area to land area).
'We expect to receive offers in the region of $115 million, reflecting a land rate in the region of $2,815 psf per plot ratio (psf ppr), inclusive of an estimated development charge of about $26.67 million,' reckons Credo Real Estate managing director Karamjit Singh, whose firm is marketing the property.
The $2,815 psf ppr unit land price expected for 11 Claymore Road is 20 per cent higher than the $2,338 psf ppr fetched a few weeks ago for The Ardmore, which is just behind the site.
'We wouldn't be surprised if a tycoon or a group of high net worth individuals came along to purchase the land to build something totally unique and exclusive for their own occupation. On this basis, they may even choose to build only 10 'sky-villas' of close to 5,000 sq ft each,' Mr Singh reckons. The site is owned by a local investment company controlled by a family named Kok.
Based on the $2,815 psf ppr unit land price expected, the break-even cost for a new apartment development on the site would be around $3,700 psf. The first batch of units at The Marq On Paterson Hill was recently sold for an average price of $4,100 psf.