Prime Balmoral Condo up for sale by tender

[mr funny]

http://www.businesstimes.com.sg/sub/...97847,00.html?

Published August 3, 2010

Prime Balmoral Condo up for sale by tender

It has an indicative price tag of $171m to $175m


BALMORAL Condominium, located in the prime District 10 area, has been put up for sale by tender with an indicative price tag of $171 million to $175 million, or about $1,866 to $1,910 per square foot per plot.

Marketing agent Savills Singapore said over 80 per cent of owners have agreed to the collective sale. A previous unsuccessful attempt at enbloc sale had been made in 2007 at much lower prices.

The 18-year- old redevelopment site sits on about 57,007 square feet (5,296 sq m) of prime residential land located at 16 Balmoral Road.

The site, which has a development baseline of 91,622 sq ft, already exceeds the permissible plot ratio of 1.6 in the 2008 Master Plan. Hence, no development charge is likely to be payable.

Savills said in its press release yesterday that the sale site can potentially accommodate 65 apartments averaging 1,300 sq ft each, subject to a 12-storey height restriction.

Units on the higher floors can enjoy views of Goodwood Hill.

Balmoral Condominium is located along Balmoral Road - an exclusive and popular address which is minutes' drive to and from the Orchard Road shopping belt, Newton MRT Station, Balmoral Plaza and prestigious clubs such as The Pines and Tanglin Club.

The property is also within a one-kilometre radius of reputable and popular primary schools such as the Anglo-Chinese School (Barker Road) and the Singapore Chinese Girls' Primary School.

'We expect strong interest for Balmoral Condominium due to the lack of choice residential plots in the prime districts,' said Suzie Mok, Savills' director of investment project.

The adjoining Volari development was fully sold at prices surpassing $2,200 psf last year. The tender for Balmoral Condominium will close at 3 pm on Sept 8, 2010.

[andy]

Volari was all sold out within 2 weeks around $2000psf inJune 2009.

Wondered if this will go since at 175msgd and 45units, it is a cool average $3.88msgd for each owner

At 1300sq ft for 65 units, it works out to be $211msgd assuming $2500psf

So developer will have to sell at $2500psf. Barring any unforeseen circumstances like a double dip in the economy within the next 6 months, it could be still possible that buyers will pay that much. If market sentiments go down than it's high risk for developer.

Volari asking price is now around $2500 but I think Volari is a better layout and facing overlooking goodwood hills.