Kismis View up for collective sale at $102m

[reporter2]

Kismis View up for collective sale at $102m

Nov 23, 2017


The Kismis View condominium in Upper Bukit Timah has hit the collective sale market with a minimum price of $102 million.

Built in the early 1980s, the estate comprises 43 units in two four-storey and seven-storey apartment blocks. The 99-year leasehold site in Lorong Kismis has about 64 years left on the lease.

Marketing agent JLL said the site may be redeveloped into a low-rise apartment project of up to five storeys, with a total gross floor area of about 140,000 sq ft including a 10 per cent bonus balcony area.

The maximum number of units would be 168 based on the minimum average size control of 70 sq m.

JLL said the land cost works out to about $983 per sq ft per plot ratio. "This compared favourably with some nearby land sales such as the Government Land Sale site in Toh Tuck Road earlier this year, the predominantly residential mixed-use Goh & Goh Building site and the most recent Mayfair Gardens," it noted.

JLL regional director Tan Hong Boon said: "With a very manageable dollar quantum, sizeable potential upgraders from the nearby HDB estates as well as investor demand... Kismis View is a desirable site of choice for developers."

The tender closes at 2.30pm on Jan 17.

[reporter2]

Kismis View launched for en bloc sale for S$102m

Thu, Nov 23, 2017

Jacquelyn Cheok


KISMIS View, a collective sale site in Lorong Kismis in the Upper Bukit Timah area, has just been launched for sale by tender by JLL, for a minimum price of S$102 million.

JLL, the sole marketing agent, said on Wednesday that about 90 per cent of the owners consented to the collective sale.

Built in the early 1980s, Kismis View comprises 43 units in two four-storey and seven-storey apartment blocks. It is a 99-year leasehold site with a balance lease term of about 64 years.

Under the 2014 Master Plan, the 90,863 square foot site is zoned "Residential" with a gross plot ratio of 1.4.

JLL said the site may be redeveloped into a low-rise apartment development of up to five storeys, with a total gross floor area of about 139,929 sq ft including a 10 per cent bonus balcony area.

The maximum number allowed would be 168 units based on the minimum average size control of 70 square metres.

At the minimum price and with an estimated differential premium of about S$23 million (subject to verification and confirmation with the relevant authorities on the development baseline), Kismis View's land cost reflects about S$983 per sq ft per plot ratio, JLL said.

"This compared favourably with some nearby land sales such as the Government Land Sale site at Toh Tuck Road earlier this year; the predominantly residential mixed-use Goh & Goh Building site; and the most recent Mayfair Gardens."

Tan Hong Boon, regional director at JLL, said: "With a very manageable dollar quantum, sizeable potential upgraders from the nearby HDB estates as well as investor demand from the mature private housing owners in this Upper Bukit Timah locality, Kismis View is a desirable site of choice for developers."

The tender for Kismis View will close on Wednesday, Jan 17, 2018, at 2.30 pm.