En bloc sale of Kemaman Point for $143.8 mil
By Timothy Tay
/ EdgeProp |
The 89-unit Kemaman Point, located off Balestier Road, has been launched for collective sale, with Knight Frank as the marketing agent. The development sits on a 43,825 sq ft, freehold site zoned for residential use under the 2014 Master Plan, with a plot ratio of 2.8. The site can therefore be redeveloped into a new project with 162 units, assuming an average size of 70 sq m (753 sq ft) or gross floor area of 122,710 sq ft.
The reserve price is $143.8 million, which translates to a land rate of $1,180 psf per plot ratio, including a $958,000 development charge.
Kemaman Point (Picture: Knight Frank)
The Balestier Road area has been rejuvenated by the influx of new F&B outlets and cafes and is a food haven for foodies. The new development will also enjoy unblocked views towards Jalan Kemaman over the low-rise landed houses. “There isn’t much impending supply in the Balestier area through land sales and collective sales,” says Ian Loh, head of investment and capital markets at Knight Frank. “Hence new launches in the area are likely to be sought after due to the limited supply as well as the lifestyle that the area provides.”
The tender will close on June 12.
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