The price includes a development charge of $43.6 million to redevelop the 95,442 sq ft site into a new residential project with a gross plot ratio of 2.8 and maximum gross floor area (GFA) of 267,239 sq ft. If a 10% bonus GFA for balcony space is included, the plot ratio will be 3.08, and the land price will then be $1,841 psf ppr, says Knight Frank, which brokered the sale.