Summer Green tries again for en-bloc sale at $48 mil

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/ EdgeProp
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July 17, 2018 10:45 AM SGT
Summer Green, a freehold 13-storey development off Balestier Road, is up for collective sale by tender at a reserve price of $48 million. This translates into a land rate of about $1,178 psf per plot ratio, which is inclusive of a development charge of about $320,000 , according to the marketing agent Knight Frank. This is the second time this year that Summer Green is up for collective sale.
Earlier in January, Summer Green was put up for en bloc, but unsuccessful. (Credit: Knight Frank)
With a site area of about 14,646 sq ft, Summer Green comprises 24 apartments. The site is regular in shape and has a frontage of about 30 m. It is zoned “residential” under the 2014 Master Plan, with an approved plot ratio of 2.8.
Subject to URA’s approval, the site could be redeveloped into 54 apartment units with an average size of 753 sq ft, due to its maximum permissible gross floor area (GFA) of about 41,010 sq ft. A pre-application feasibility study (PASF) is not necessary.
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Ian Loh, executive director and head, investment and capital markets, Knight Frank Singapore, says: “Balestier is currently undergoing successful rejuvenation with the opening of Zhongshan Mall, Ibis Singapore Novena and HealthCity Novena.” He adds: “Despite recent government cooling measures, the price quantum is still palatable and is a low-risk acquisition to mid-sized developers.”
Summer Green is a 12-minute drive to the CBD and a 10-minute drive to Orchard Road.
The tender will close on August 20.