Published April 3, 2007

The Balmoral, Serene House up for sale

Both en bloc sites offered through expressions of interest exercises

TWO prime collective sale sites are being offered through separate expressions-of-interest exercises - The Balmoral at Balmoral Park off Stevens Road and Serene House next to Botanic Gardens. Both sites are freehold.

Colliers International, which is marketing Serene House, says the property has a land area of 39,828 sq ft, but the successful bidder may boost this by amalgamating a neighbouring plot of state land of 9,192 sq ft. Serene House has an indicative land value of $55 million.

Assuming the successful bidder also manages to buy the state plot next door, the all-in unit land cost, including development charges payable for the Serene House site, would work out to $924 per square foot of potential gross floor area. The site is zoned for residential use with a 1.4 plot ratio - the ratio of potential maximum gross floor area to land area. The height is subject to evaluation.

Serene House is a stone's throw from the upcoming Botanic Gardens MRT Station, near good schools and embassies. The expression-of-interest exercise closes on May 3.

The other property, The Balmoral, has a land area of 249,993 sq ft and is zoned for residential use with a 1.6 plot ratio and 12-storey height limit. Marketing agent DTZ Debenham Tie Leung did not give an indicative price, saying there is 'no similar product in the market' that would allow it to do so. However, it said an estimated $10.2 million development charge is payable.

DTZ said that assuming a building efficiency of 90 per cent and an average unit size of 1,800 sq ft, the site can be redeveloped into a new condo with about 200 units.

The expression-of-interest exercise closes on May 9.