Owners give 100% consent for en bloc sale of 11 Balmoral Road at $75 mil

By
/ EdgeProp
|
October 31, 2017 7:05 PM SGT
The owners of the 17-unit apartment block at 11 Balmoral Road have unanimously agreed to put their development up for en bloc sale at $75 million. Including estimated development charges of $10 million, this translates to an estimated land rate of $1,761 psf per plot ratio (ppr), according to sole marketing agent JLL.
This is the first en bloc sale attempt by the owners of 11 Balmoral Road. With 100% consent, this means that the sale would not need to go through strata title board approval, so the buyer can take ownership of the site at the end of the vacant possession period, explains Tan Hong Boon, JLL regional director. “The developer can therefore plan for the marketing and building of the new project more quickly,” he adds.
The property sits on a 30,200 sq ft, freehold site that is zoned for residential use with a gross plot ratio of 1.6 under the 2014 Master Plan. With a gross floor area of 48,320 sq ft, the site can therefore be redeveloped into a new 64-unit apartment project assuming an average size of 755 sq ft each.
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Source: JLL
Given the palatable absolute price for the freehold site, its prime location and 100% consent obtained by the owners, JLL’s Tan expects the development to attract interest from a wide pool of developers. The tender for 11 Balmoral Road closes on Nov 29.