Published June 13, 2007

Alexandra Centre up for en bloc sale at $45m

ALEXANDRA Centre has been offered for collective sale at $45 million. The 50,838 sq ft site is for residential use with first-floor commercial use. It can be built up to four storeys and the allowable plot ratio is three. The development charge (DC) is estimated at $1.21 million.

The property is about 25 years old and at present there are 12 ground floor shops and 12 apartments. It is on Alexandra Road close to Ikea and The Anchorage, with Queenstown MRT station a five-minute walk away. More than 80 per cent of the share value owners have signed the collective sale agreement so far.

Based on the asking price, owners of the apartments stand to get about $1.25 million each while shopowners will receive around $2.5 million each. This is about twice as much as they would get if they sold their units individually.

A recent collective sale in the area is the privatised former HUDC estate Gillman Heights. At $548 million, the acquisition cost for that site worked out to $363 per square foot of potential gross floor area, including an approximate $90 million DC. But the land area of 836,432 sq ft is the biggest for a collective sale so far and much bigger than the Alexandra Centre site. The tender for Alexandra Centre closes on July 12.