One Balmoral sets record for collective sale price in Balmoral Road area

By Hoe Yeen Nie, Channel NewsAsia | Posted: 25 March 2007 2322 hrs

$125 million -- that's how much Hong Leong Group has paid for One Balmoral under a collective sale agreement.

This works out to $1,188 per square foot per plot ratio (psf/ppr), the highest ever yet for a Balmoral Road property.

Nearby Balmoral View was sold to Kajima at $733 psf/ppr, while Chip Eng Seng bought 21, Balmoral Road for $451 psf/ppr.

Under the agreement, owners of most units at One Balmoral stand to gain 80 per cent more for their property than if their units were sold individually.

The site has been zoned for residential use with a 1.6 plot ratio.

It has the potential to be developed into a 12-storey residential block with a gross floor area of up to 106,043 sq ft.

This could take the form of a 95-unit luxury condominium or a residential-hotel-serviced apartment development similar to subsidiary company City Development's St. Regis Residences.

Mount Everest Properties, which handled the sale, says average prices of the new development could start from $2,200 psf.

It notes that the record sale price could represent a shift of the en-bloc wave towards the Bukit Timah area.

Previous en-bloc sales had been concentrated at Districts 15 and 16, and more recently, Thomson Road and Holland Road. - CNA/ir