Tai Keng Court up for collective sale
By CARINE LEE
Tai Keng Court, a freehold residential and commercial redevelopment site, was on Monday put up for collective sale by tender.
Over 80 per cent of the owners at the 56 strata apartments and 23 commercial units located in two 3/4 storey walk up blocks, have consented to the sale.
Located along Jalan Lokam and Upper Paya Lebar, the freehold site measures 103,798 sq ft and carries a gross plot ratio of 1.4 with an allowable building height of up to five storeys.
An adjoining state land of 463.4 sqm could potentially be amalgamated yielding a potential gross floor area of up to 152,301 sq ft for the combined site, subject to the relevant authorities' approval.
Jones Lang LaSelle said some 121 residential units of average size of 950 sq ft and 30 commercial units of average size of 700 sq ft could potentially be built on site.
The indicative price is in the region of $130 million, which translates to $903 per sqft per plot ratio, subject to the tender process. Approximately $1.33 million is payable for development charge.
The tender will close at 3pm on March, 21, 2012.