FREEHOLD residential development, Harbour View Gardens, is being put up for collective sale, with an indicative price of between $36 million and $38 million.
This translates to between $836 and $883 per square foot per plot ratio, based on the site area of 30,745 sq ft.
Under the 2008 Master Plan, the site is zoned for "residential" use, with a gross plot ratio of 1.4.
The three-storey residential development, which is located at 211/A to 223/A Pasir Panjang Road, comprises 14 units - seven maisonettes with an average floor area of 2,411 sq ft each and seven walk-up apartments with an average floor area of 1,195 sq ft each.
Upon success of the collective sale, each owner could receive between $1.6 million and $3.6 million.
The successful buyer could re-develop the site to accommodate a five-storey residential development comprising some 50 units of 775 sq ft each, subject to relevant authorities' approval.
Source: Business Times – 18 April 2012
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