Two Killiney Road sites up for tender
TWO redevelopment sites at Killiney Road are up for sale by public tender.
Killiney Apartments is the larger of the two. Its site covers 40,348 square feet, with a plot ratio of 2.8 and a height restriction of 10 storeys.
The site is marketed by Colliers International (Singapore), whose director for investment sales, Ho Eng Joo, says the owners expect a price of about $94 million-$96 million. This works out to be between $835-$852 per square foot per plot ratio (psf ppr).
Earlier this month, Phoenix Court at the corner of St Thomas Walk and Killiney Road went on the market for $100 million or around $850 psf ppr.
A smaller redevelopment site, Chez Bright Apartments (34,402 sq ft) sold for $54 million, or $625 psf ppr inclusive of an estimated $6.25 million development charge.
Related articles:
View the press release from Colliers International
View the location maps
Colliers is also marketing a smaller redevelopment site located at 118-128 Killiney Road which occupies a land area of 10,050 sq ft. Zoned for residential development with the first storey for commercial use, the site has a plot ratio of 2.8 and a height restriction of six storeys. The asking price is $21 million-$23 million, or $750-$820 psf ppr.
Speaking about the demand for redevelopment sites, Mr Ho said: ‘The prime sites in Districts 9 and 10 will still attract developers but the bidding prices may not be as aggressive. Owners may have to moderate their expectation of price if they want a successful sale. At the moment, there are still quite a number of en bloc sale sites in the stage of preparation to launch for sale in the market.’
Source : Business Times - 14 Jun 2006
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