Published November 23, 2006

Joo Chiat site sale sets new benchmark

HOMEGROWN construction group Teambuild has purchased a collective sale site in Joo Chiat for $8.8 million or $308 per sq ft per plot ratio, setting a new benchmark for land sales in the area.

The price for the property - Bougainville Maisonette Apartments - includes an estimated development charge of $86,000.

United Premas, the marketing agent for the deal, said it secured consent from all 8 owners for the sale. On average, each owner at Bougainville Maisonette Apartments should receive $1.1 million, or a collective sale premium of over 40 per cent.

Based on the 2003 Master Plan, the freehold site of 20,576 square feet is zoned for residential use with a plot ratio of 1.4 and a five-storey height limit. The plot has the potential for redevelopment into a boutique project of 27 residential units of about 1,000 sq ft each.

Teambuild, whose core business is construction, is moving into property development. Some of its private residential projects include the Ecoville in Balestier, and the soon-to-be launched One@Pulasan.