The freehold Ava Towers off Balestier Road in District 12 will launch its collective sale on May 16, announced marketing agent ERA Realty. The condominium has a reserve price of $248 million which translates into a land rate of $1,374 psf per plot ratio (ppr).
The 124-unit development is on a 64,471 sq ft site zoned for residential use, with a gross plot ratio (GPR) of 2.8 under the 2014 Master Plan. The site can be redeveloped up to a gross floor area (GFA) of 180,519 sq ft. Given the high development baseline, there is no development charge payable for redevelopment up to this GPR. But with the inclusion of an additional 10% bonus GFA for balconies, the land rate would fall to $1,274 psf ppr after a $5.03 million development charge.
The Land Transport Authority’s Traffic Application Feasibility Study is not required for this site based on the proposed redevelopment of a minimum of 215 units averaging 70 sq m per unit. The site is expected to attract strong interest from local and overseas developers due to its central location and competitive reserve price, says ERA.
The development is close to premium medical facilities like Thomson Medical Centre, Mount Elizabeth Novena Hospital, and the upcoming HealthCity Novena. It is close to amenities like the Whampoa wet market and food centre, an NTUC supermarket, Zhongshan Park Mall, and Shaw Plaza. Nearby schools include Curtin Singapore, the Global Indian International School, and the Lee Kong Chian School of Medicine. It is accessible by the Central Expressway and the Pan-Island Expressway.
The tender will close on July 2.
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