SINGAPORE - The owners of Windy Heights in Eunos have put their property up for collective sale, billing it as one of the largest freehold residential redevelopment sites to come on the market in the area.
The property along Jalan Daud comprises four blocks of 192 apartment units, eight penthouses and two commercial units.
Under the Government's 2014 Master Plan, the 23,291 square metres (250,702 square feet) site is zoned residential with a gross plot ratio (GPR) of 2.1.
It can be redeveloped to accommodate 581 apartments of 100 sq m per unit, based on the current built-up gross floor area (GFA) of 58,150.74 sq m, said Knight Frank Singapore, the property's marketing agent.
The site is a 15-minute drive to the Central Business District (CBD) and Changi International Airport. It is also two MRT stops to Paya Lebar Business Hub, three MRT stops to Changi Business Park, and eight stops to the Central Business District.
The reserve price for the development is S$806.2 million, which translates to a land rate of $1,288 per sq ft per plot ratio (psf ppr). With the inclusion of a 10 per cent bonus balcony GFA, the land rate works out to S$1,171 psf ppr, said Knight Frank.
No development charge is payable due to the high development baseline.
"The new development built on site will enjoy unblocked views over low-rise landed houses and apartments in the vicinity," said Ian Loh, Knight Frank Singapore's executive director & head of investment and capital markets. "There also isn't much impending supply in Kembangan and the Bedok area in Districts 14 and 16 from land sales and collective sales, hence new launches in the area are likely to be sought after in lieu of the low supply."
The tender for Windy Heights will close on April 18 at 2.30pm.