CityDev buys another 3 sites in District 11
CITY Developments (CDL) has bought another three sites in District 11, cementing its presence in the Thomson Road/Balestier Road area.
The developer paid $81.4 million in all for Concorde Residences and the adjoining Balestier Court and Bright Building.
Including an adjacent piece of state land, the plot amounts to 60,214 sq ft of land area and 168,600 sq ft of maximum gross floor area.
CDL’s purchase price for the whole plot works out to about $490 per sq ft (psf) per plot ratio.
Combining all the sites can yield a freehold 36-storey condominium with 150 units at 1,200 sq ft each, CDL said in a statement yesterday.
This purchase comes on top of other recent CDL buys in the area.
The company bought the 41,688 sq ft Albany last month and three other adjoining sites last year - Lock Cho Apartments, Comfort Mansion and a four-storey walk-up apartment block.
CDL now has a total land area of 296,907 sq ft, with a potential floor area of 831,339 sq ft, in the Thomson Road district.
Separately, CDL said it has sold about 65 per cent of its boutique Solitaire development in Balmoral Park.
About 40 of the 59 units were taken up at a soft launch over the weekend.
Prices ranged from $1,800 to $2,200 psf, ’setting a new benchmark price in the location’, the developer said in another statement.
Foreign buyers - from Britain, the United States, Indonesia, Malaysia and the Philippines - made up about 40 per cent of total buyers.
The Solitaire comprises three 12-storey blocks with two- to four-bedroom apartments and penthouses.
Besides the two-bedders, all other units come with their own private lift and private lobby.
In CDL’s launch pipeline over the next three months are a 110-unit Grange Road condominium and the 223-unit Quayside Isle in Sentosa Cove.
Source : Straits Times - 27 Mar 2007
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