SINGAPORE - Pinetree Condominium in the upmarket Balmoral Park enclave has been put on the collective sale market with a reserve price of $148 million.
At that price, each owner in the 50-unit freehold development stands to receive between $2.57 million and $4.09 million, said SLP Scotia, the marketing agent for the deal.
The development in Balmoral Road sits on 41,276 sq ft of land and consists of predominantly three-bedroom units measuring between 1,162 sq ft and 1,851 sq ft.
The site is zoned "residential" with a plot ratio of 1.6 as per the 2014 masterplan, which translates to a gross floor area (GFA) of 66,177 sq ft. As the current development baseline record from the Urban Redevelopment Authority (URA) is 75,115,71 sq ft, that means no development charge is payable.
SLP Scotia said the site can be redeveloped into a 12-storey project with 75 apartments with an average size of 70 sq m (753.5 sq ft) each.
The site, served by Stevens and Scotts roads, is located within 1km from Anglo Chinese School (Barker) and Singapore Chinese Girls' School, and is next to Ardmore Park.
The tender for the site will close on Aug 30 at noon.