Originally Posted by
mr funny
http://www.todayonline.com/Business/EDC101009-0000069/Glenville-site-sold-for-$39,5m-in-collective-sale
Glenville site sold for $39.5m in collective sale
by Chris Howells
05:55 AM Oct 09, 2010
SINGAPORE - Glenville, an apartment block off Upper Serangoon Road, has been sold to Urban Lofts in a collective sale for $39.5 million.
The sale price works out to about $740 per sq ft per plot ratio, including a development charge of $5.3 million, if payable, according to marketing agent Jones Lang LaSalle. This is a benchmark price for a Serangoon site, it added.
The 43,334 sq ft freehold residential site has a gross plot ratio of up to 1.4 and a height limit of five storeys. Jones Lang LaSalle said this would yield a potential gross floor area of up to about 60,670 sq ft.
About 60 apartment units with an average size of 1,000 sq ft each can be developed on the site.
Jones Lang LaSalle's national director and head of investments, Stella Hoh, says that "with the upcoming NEX Mega mall, interest in the vicinity has been renewed".
The existing building has 32 units. Each owner stands to receive gross sale proceeds of between $1.18 million and $1.27 million. The sale is subject to the approval of the Strata Titles Board.
Another site, Naung Court, near Hougang MRT Station, was sold for $28 million late last month in a collective sale.
That worked out to be approximately $662 per sq ft, including a development charge of $2.3 million, if applicable.