Sun Rosier put up for collective sale at $235 mil

The owners of Sun Rosier condominium have put the development along How Sun Drive up for collective sale by tender. According to marketing agent Huttons Asia’s media release on Aug 25, the site has an asking price of $235 million, or $1,149 psf per plot ratio (psf ppr). No development charge is payable.

Based on the 2014 Master Plan, the 146,046 sq ft site — zoned “residential” — has a plot ratio of 1.4. This means the site has a maximum gross floor area of 204,464 sq ft, which works out to be approximately 204 condo units averaging 1,000 sq ft each. Redevelopment on the site will also be subject to a height limit of up to five storeys. The existing development has 78 apartment units within four blocks spanning four levels.

According to Huttons Asia, the site is located within walking distance of Bartley MRT station on the Circle Line, which makes it one MRT station away from Serangoon MRT Station and its surrounding amenities, such as the NEX shopping mall.

Source: Huttons Asia

Two nearby GLS sites that were recently sold include the Upper Serangoon Road mixed-development site — sold to Singapore Press Holdings and Kajima Development at $1,181 psf ppr — and the Woodleigh Lane site — sold to Chip Eng Seng Corporation for $1,110 psf ppr, notes Huttons Asia.

Stephen Tan, head of collective sales at Huttons Asia expects strong demand for future units on the site due to its proximity to the future Bidadari Estate.

The tender exercise for Sun Rosier will close on Sept 21.