Alexandra Centre put up for collective sale
ALEXANDRA Centre has hit the market for collective sales, making an entry with a $40 million asking price.
This works out to $270 psf per plot ratio inclusive of an estimated $1.153 million development charge.
The freehold property on Alexandra Road is zoned for residential with commercial use on the first storey. It may be redeveloped to a height of four storeys with a maximum 3.0 plot ratio - the ratio of potential gross floor area to land area.
Alexandra Centre has a land area of 50,838 sq ft. The existing two-storey building, which is about 25 years old, houses 12 ground-floor shops and 12 apartments.
Owners controlling more than 80 per cent of share values have consented to the collective sale, which is being handled by CB Richard Ellis.
Based upon $40 million, apartment owners will receive about $1.1 million each, and the shopowners about $2.1 million each.
‘This is about 100 per cent more than the price which the units can achieve if they are sold individually,’ says CBRE executive director Jeremy Lake.
Alexandra Centre is within walking distance of Queenstown MRT Station. Nearby landmarks include the Queens condo, Ikea and The Anchorage. The tender for Alexandra Centre closes on March 8.
Source : Business Times - 8 Feb 2006
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