District 10 freehold development Gisborne Light will be put up for collective sale in a public tender starting today.
The asking price is $37 million, which works out to $1,671 per square foot per plot ratio (psf ppr).
"The land rate of Gisborne Light is attractive and fairly adjusts for the current market sentiment following the introduction of new cooling measures on July 6, 2018," marketing agent Colliers International said, citing transactions in the area with land rates ranging from $1,734 psf ppr for Balmoral Mansions to $1,847 psf ppr for City Towers.
The 17-unit condominium in Ewe Boon Road sits on a 13,841 sq ft site zoned as residential under the Urban Redevelopment Authority's 2014 Master Plan with a gross plot ratio of 1.6.
Subject to relevant approvals from the authorities, it could potentially be redeveloped into a luxury boutique residential project, comprising 27 units with an average unit size of 780 sq ft, said Colliers.
If the sale is successful, each owner stands to receive between $1.7 million and $4.3 million. Owners of 16 out of the 17 units have signed the collective sale agreement.
Said Colliers managing director Tang Wei Leng: "Based on our observation, developers are still inquiring about collective sale sites although they have become more selective and cautious after the fresh cooling measures kicked in. We believe Gisborne Light's prime location in District 10 as well as its boutique scale and relatively palatable quantum should still make it attractive to developers and investors."
The collective sale tender for Gisborne Light will close at 3pm on Oct 11.