72-unit condo complex Balestier Regency up for sale for S$218m

72-unit condo complex Balestier Regency up for sale for S$218m

BALESTIER Regency, a 72-unit condominium complex off Balestier Road, has been launched for collective sale by tender and is expected to fetch some S$218 million, marketer Teakhwa Real Estate said on Wednesday.

This indicative price translates to a land rate of S$1,264.9 per square foot per plot ratio (psf ppr), including a development charge of S$1.35 million. The land price will be reduced to about S$1,220.9 psf ppr, if the 10 per cent bonus balcony area is included.

Owners can expect to receive proceeds ranging from S$2.82 million to S$3.05 million.

In addition, the 61,951.8 sq ft freehold residential site has a plot ratio of 2.8, and an allowable height of up to 36 storeys.

Subject to approval from the relevant authorities, the maximum allowable gross floor area (GFA) of 173,408.9 sq ft could potentially yield about 230 apartments with an average size of 753 sq ft per unit for the new condominium development, Teakhwa Real Estate said.

The property is located next to Shaw Plaza, a five-storey shopping mall which houses Shaw Theatres, NTUC FairPrice and fast food outlets including KFC and McDonald's. It is also within 1km of Hong Wen Primary School, and within 2km of St Joseph Institution (Junior) and CHIJ Toa Payoh.

"For its central city location, freehold tenure, huge land size and undemanding land rate expectation, we can expect strong interest from developers for this attractive site," said Sieow Teak Hwa, managing director of Teakhwa Real Estate.

The tender for Balestier Regency will close on June 21 at 3pm.

Separately, Nicholas Mak, executive director of property consultancy ZACD Group, noted that Balestier Regency is the second condo in the area to be put up for collective sale this month.

On May 9, marketing agent ERA Realty Network announced that Ava Towers, a 124-unit condo on Ava Road in Balestier was placed for en bloc sale at a reserve price of S$248 million. The translates to a land rate of about S$1,374 psf ppr.

The property has a sizeable land area of about 64,471 sq ft, and is similarly zoned for residential use with a gross plot ratio of 2.8. But if a 10 per cent bonus GFA for balconies is included, the land rate would be reduced to S$1,274 psf ppr, after factoring in about S$5.03 million in development charge.

The tender for Ava Towers opened on May 16, and will close on July 2.

Source from The Business Times 24 May 2018