Soilbuild Group Holdings has won the tender for the collective sale of Kemaman Point, a freehold 89-unit residential development in Balestier Road, with a bid of $143.88 million.
The marketing agent for the collective sale, Knight Frank, said each owner stands to receive between $1.4 million and $2.32 million.
The sale of the property is subject to several conditions, including an order of the sale by the Strata Titles Board or the High Court.
The sale price to redevelop the site to a gross plot ratio of 2.8 based on the maximum permissible gross floor area of about 122,711 sq ft, translates to a land price of about $1,173 per square foot per plot ratio (psf ppr), Knight Frank said.
With the inclusion of a 10 per cent bonus balcony and a proposed plot ratio of 3.08, the land price works out to about $1,111 psf ppr, inclusive of a development charge of about $6.1 million, it added.
Kemaman Point is a private residential estate comprising one residential block on a site measuring 4,071.5 sq m (about 43,825 sq ft).
Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore, said: "The new high-rise development will enjoy unobstructed views towards Jalan Kemaman, over low-rise landed houses.
The sale price to redevelop the site to a gross plot ratio of 2.8 based on the maximum permissible gross floor area of about 122,711 sq ft, translates to a land price of about $1,173 per square foot per plot ratio, Knight Frank said.
"We believe the new development will be sought after, given the recent rejuvenation of the Balestier area, as well as the limited supply in the vicinity."
Mr Peter Mao, chairman of the collective sale committee for the development, said: "The (collective sale) process has been transparent and we hope to garner the 100 per cent consensus to quicken the process for owners to proceed with their next home purchase."