SINGAPORE - Listed construction and real estate group, Soilbuild, has won the tender for the collective sale of the 89-unit residential development off Balestier Road, Kemaman Point, with a bid of $143.88 million.
Marketing agent for the collective sale of Kemanan Point, Knight Frank, said that each owner stands to receive a gross sale price of about $1.4 million to $2.32 million on a successful sale to Soilbuild. 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 (GPR) of 2.8 based on the maximum permissible gross floor area (GFA) of about 122,711 sq ft, translates to a land price of about $1,173 per sq ft 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 of 89 apartment units ranging from 79 sq m to 159 sq m, and has a site area of 4,071.5 sq m (about 43,825 sq ft).
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. 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."
Peter Mao, chairman of the Collective Sale Committee of Kemaman Point, 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."
Including Kemaman Point, Knight Frank has sold eight residential properties for a combined quantum exceeding $3 billion via collective sale since May 2017.
Previous collective sales marketed by Knight Frank include One Tree Hill Gardens for $65 million, Rio Casa for $575 million, Normanton Park for $830.1 million, Dunearn Court for $36.3 million, Mayfair Gardens for $311 million, Dunearn Gardens for $468 million and Goodluck Garden for $610 million.