The 37-year-old Balmoral Gardens, located along Balmoral Road, has been put up for collective sale by tender, with Huttons Asia as the exclusive marketing agent.
The owners of Balmoral Gardens are expecting offers above $92 million. The price translates to a land rate of $1,872 psf per plot ratio (psf ppr) and includes an estimated $18.1 million development charge for intensifying the land use to the maximum gross floor area (GFA). An application to URA has been submitted to establish the amount of development charge payable.
The existing Balmoral Gardens is a freehold condo with just 40 units sitting on a land area of 36,752 sq ft. The site has a plot ratio of 1.6 and a height limit of up to 12 storeys. It’s zoned for residential use under the 2014 Master Plan.
All the owners have given their approval for the sale, and hence, the sale need not go through Strata Titles Board approval. A successful purchaser can take possession of the site upon the end of the vacant possession period to market and build the new development, according to Huttons.
The tender will close on Feb 7.
By Timothy Tay / EdgeProp | January 18, 2018 12:07 AM MYTSource: EdgeProp