Second bid by The Albany to sell en bloc

Jan 4, 2007
THOMSON SITE
Second bid by The Albany to sell en bloc


THE owners of The Albany in Thomson Road have put their estate back on the market after a failed collective sale attempt last year - and they are now asking a higher price.

They are hoping to fetch between $62 million and $68 million for the freehold development, up from its $60 million to $65 million price tag when it was launched for sale last April.

Located near Thomson Medical Centre, The Albany has 47 units and sits on a 41,688 sq ft site with a plot ratio of 2.8.

Its owners appear to be riding on the launch later this year of Singapore Press Holdings' 43-storey upmarket condominium, sited just across the Pan-Island Expressway.

A new development of up to 36 storeys can be built on the Albany site, with about 135 units of 1,100 sq ft each, said Ms Yong Choon Fah, director of Credo Real Estate, which is marketing the estate.

The site's buyer can also add to the Albany site a plot of adjoining state land of 12,000 to 13,000 sq ft.

Including the estimated development charge and state land premium of about $6 million, the indicative price of The Albany works out to between $436 and $475 per sq ft (psf) of total gross floor area.

This translates into a break-even cost of about $730 to $775 psf of saleable floor area, said Ms Yong.

FIONA CHAN