CityDev clinches The Albany for S$65m

CityDev clinches The Albany for S$65m

By Loh Kim Chin, Channel NewsAsia | Posted: 07 February 2007 2017 hrs


SINGAPORE: City Developments has paid S$65 million for freehold residential site on Thomson Road.

The price excludes a development charge of S$174,000.

The site, which currently houses a condominium The Albany, spans 42,000 square feet and has a plot ratio of 2.8.

If CityDev buys an adjoining plot of state land, the combined site could yield 135 apartment units.

CityDev also owns the adjoining Lock Cho Apartments, Comfort Mansion and a four-storey walk-up apartment in the vicinity. - CNA/so

Property
Published February 8, 2007

CityDev buys The Albany

By KALPANA RASHIWALA


CITY Developments is expanding its presence in the Thomson/Balestier Road area, having bought The Albany for $65 million or $558 psf of potential gross floor area including an estimated $174,000 development charge.

Assuming CityDev buys a strip of adjoining state land, its unit land price will be lowered to $449 psf per plot ratio. The Albany has a freehold land area of 41,688 sq ft and the state plot is 15,177 sq ft. CityDev said yesterday the combined site can potentially be redeveloped into a 36-storey condo with about 135 units.

However, market watchers reckon CityDev could choose to combine The Albany site with an adjoining property it bought last year - comprising Lock Cho Apartments, Comfort Mansion and a four-storey walk-up apartment block that together totalled 137,479 sq ft.

Assuming CityDev had also bought a state plot of 40,526 sq ft that adjoined the earlier site, the group would have a combined site area of 234,870 sq ft in the location.

The combined site could be redeveloped into a new project with a potential maximum gross floor area of 657,636 sq ft - enough for a condo with about 540 units averaging 1,200 sq ft. BT reported last year that CityDev's unit land price for the earlier acquisition including the 40,526 sq ft state plot was $344 psf per plot ratio. Credo Real Estate brokered the collective sale of The Albany, as well as the earlier sale of Lock Cho Apartments, Comfort Mansion and the walk-up apartments.

News Release - CDL's successful bid for a prime site in Thomson area