Property firm Jones Lang LaSalle said yesterday that Char Yong Gardens, a freehold residential project on Hullet Road off Orchard Road, is up for collective sale.
Jones Lang LaSalle reckons that the site could fetch 10 to 20 per cent more than the price fetched by the recent sale of The Parisian at Angullia Park, which earlier this year notched a record $1,735 per sq ft per plot ratio (psf ppr), inclusive of a development charge (DC).
This works out to an estimated $1,900-2,100 psf ppr for Char Yong Gardens.
The 93,300 sq ft site has a gross plot ratio of 2.8 - giving it a gross floor area of 261,000 sq ft. The maximum building height is 20 storeys.
This could yield around 175 apartment units with an average size of 1,500 sq ft each, Jones Lang LaSalle estimates. The site comes with an estimated DC of $48 million.
'With strong market interest for high-end units and potential launch price of $2,500 to $3,000 psf onwards for new launches in recent months, the end product at Char Yong Gardens could potentially fetch more than $3,000 psf,' said Lui Seng Fatt, the regional director and head of investments at Jones Lang LaSalle.