Ava Towers condo up for collective sale at $248m

The 124-unit freehold Ava Towers in Balestier sits on a land area of about 64,471 sq ft with a gross plot ratio of 2.8. The site can be redeveloped up to a gross floor area of 180,519 sq ft, with a proposed plot ratio of 2.8.
The 124-unit freehold Ava Towers in Balestier sits on a land area of about 64,471 sq ft with a gross plot ratio of 2.8. The site can be redeveloped up to a gross floor area of 180,519 sq ft, with a proposed plot ratio of 2.8.PHOTO: ERA REALTY NETWORK

The freehold Ava Towers condominium is up for collective sale with a reserve price of $248 million.

The 124-unit condo in Ava Road, Balestier, sits on a sizeable land area of about 64,471 sq ft with a gross plot ratio of 2.8.

The site can be redeveloped up to a gross floor area of 180,519 sq ft, with a proposed plot ratio of 2.8.

It is near Thomson Medical Centre and Mount Elizabeth Novena Hospital, the Whampoa wet market and food centre, and a 24-hour FairPrice supermarket.

Curtin Singapore, the Global Indian International School and Lee Kong Chian School of Medicine are also nearby.

The reserve price translates to a land rate of about $1,374 per sq ft per plot ratio (psf ppr), said marketing agent ERA Realty Network.

The 124-unit freehold Ava Towers in Balestier sits on a land area of about 64,471 sq ft with a gross plot ratio of 2.8. The site can be redeveloped up to a gross floor area of 180,519 sq ft, with a proposed plot ratio of 2.8.
The 124-unit freehold Ava Towers in Balestier sits on a land area of about 64,471 sq ft with a gross plot ratio of 2.8. The site can be redeveloped up to a gross floor area of 180,519 sq ft, with a proposed plot ratio of 2.8. PHOTO: ERA REALTY NETWORK

Given the site's high development baseline, there is no development charge payable for redevelopment up to a gross plot ratio of 2.8.

Given the site's high development baseline, there is no development charge payable for redevelopment up to a gross plot ratio of 2.8.

But if a 10 per cent bonus gross floor area for balconies is included, the land rate would be reduced to $1,274 psf ppr, after factoring in about $5.03 million in development charge.

ERA said the Land Transport Authority has stated that a pre-application feasibility study on traffic impact will not be required.

The winning developer can retain the structure of the development with additions and alterations, or rebuild it into a contemporary design with a minimum of 215 units that average 753 sq ft, said ERA.

The tender opens on May 16 and closes on July 2.

A version of this article appeared in the print edition of The Straits Times on May 09, 2018, with the headline 'Ava Towers condo up for collective sale at $248m'. Print Edition | Subscribe