ST : Two more development sites up for sale

Jun 9, 2010

Two more development sites up for sale

ANOTHER two development sites have been launched for sale.

The first is the 52-unit Goodrich Park, a collective sale site in Simon Lane.

Credo Real Estate, which is marketing the freehold site, said its sellers are looking for offers in the region of $80 million to $85 million.

This would translate to a land rate of $585 to $620 per sq ft (psf) per plot ratio, excluding development charges. The sellers are currently waiting to hear from the Urban Redevelopment Authority about whether any development charge will be due.

Built in the 1980s, Goodrich Park sits on a land area of 97,703 sq ft and is near Kovan MRT station.

Under the 2008 Master Plan, the site is zoned for residential development with a plot ratio of 1.4 and an allowable height of up to five storeys.

This allows for a total gross floor area of about 136,784 sq ft.

The site can be turned into approximately 120 apartment units with an average size of 1,100 sq ft, depending on layout and configuration, said Credo managing director Karamjit Singh.

The second site, the 21-unit Cavenagh Mansions near Orchard Road, is fully owned by a private company, Teck Jin.

It has a land area of about 19,813 sq ft and under the 2008 Master Plan, it is zoned for residential use at a plot ratio of 2.1.

Marketing agent Knight Frank said the guide price for the plot is $55 million to $60 million, which would translate to a land price of $1,258 psf to $1,367 psf.

The site has a potential gross floor area of about 45,768 sq ft, inclusive of an additional 10 per cent space for balconies.

An estimated development charge of $2.567 million, inclusive of 10 per cent balcony space, is payable.

The site can be redeveloped into 57 apartments of 800 sq ft on average and the buyer may expect to break even at about $1,750 psf to $1,850 psf, Knight Frank said.

It was reportedly put out for sale in 2006 at an asking price of just $27 million.

Last week, two estates - Waldorf Mansions off Balestier Road and Foh Pin Mansion in Charlton Road - were launched for collective sale.

JOYCE TEO