COLLECTIVE sales activity has been picking up since the start of the year, and freehold residential property Westvale Condominium is the latest to hit the market.
The 32-unit strata walk-up development located along 334 Pasir Panjang Road has an indicative asking price of about $85.5 million, which translates into approximately $974 per square foot per plot ratio (psf ppr) based on a gross plot ratio of 1.4 times.
With a land area of 62,710 square feet, the site is zoned 'residential' under Master Plan 2008 and has a maximum building height of five storeys.
However, after factoring in the additional 10 per cent gross floor area (GFA) allowed for balcony area, the property has a potential GFA of about 96,574 sq ft. This translates into $892 psf ppr and can be developed into 115 home units with an average size of 800 sq ft.
To utilise the additional balcony space, the site will also incur a development charge - payable to the state in exchange for the right to enhance the use of certain sites or to build bigger projects on them - amounting to $625,000.
The site is strategically located along Singapore's 'Technology Corridor' and NUS (National University of Singapore). It is also a stone's throw away from the newly completed Haw Par Villa MRT Station (Circle Line). Given the limited freehold land supply in this mature residential estate, a healthy response from developers is expected.
The collective sale by tender will close on April 19.
Source: Business Times – 21 March 2012
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