SINGAPORE (THE BUSINESS TIMES) - A freehold residential site comprising a four-storey block of 24 apartments in Haig Road has been sold for $49.3 million, above the owners' asking price of $48 million, said sole marketing agent Colliers on Friday (April 8).

The sale price translates to a land rate of $1,286 per sq ft per plot ratio for the 27,389 sq ft site with a gross plot ratio of 1.4. No development charge is payable.

The winning bid was made by Nanshan Group, the developer of projects such as Thomson Impressions and Stirling Residences.

The regular-shaped redevelopment site is a corner plot with dual frontage in Haig Road and Seraya Lane.

It is in close proximity to amenities at Katong Shopping Centre, i12 Katong and Paya Lebar Commercial Hub, as well as schools such as Tanjong Katong Primary School, Haig Girls' School, Tanjong Katong Girls' School, Chung Cheng High School and Canadian International School.

The site is accessible via Mountbatten Road, Tanjong Katong Road, Kallang-Paya Lebar Expressway and East Coast Parkway.

"This site has achieved a lot of buzz as it is a unique enclave that is conveniently located," said Mr John Bin, Colliers Singapore's director of capital markets and investment services, adding that the property was shown to numerous prospective bidders.

"Eventually, we were able to secure a price that is above the reserve price for the owners."

The sale is subject to the Strata Titles Board's approval.