Knight Frank is pleased to introduce that Kemaman Point, an 89-unit home improvement located off Balestier Roadway, has actually been marketed jointly to Soilbuild Team Holdings Ltd for S$ 143.88 million. The cost to redevelop the site to a gross tale proportion (GPR) of 2.8 based upon the optimum allowed Gross Floor covering Area (GFA) of approximately 122,711 sq ft, converts to a land price of concerning S$ 1,173 each square foot per plot percentage (psf ppr). With the incorporation of a 10% benefit offer veranda as well as a suggested tale percentage of 3.08 (2.8 + 10% terrace), the land rate workouts to around S$ 1,111 psf ppr, inclusive of an advancement charge of around S$ 6.1 million, subject to the authorities' authorization. Kemaman Point is an exclusive residential estate consisting of one residential or commercial property block of 89 apartment systems differing from 79 sq m to 159 sq m, along with has a site location of 4,071.5 sq m (approx. 43,825 sq ft). The instant location is mostly surrounded by landed homes, high-rise condos, in addition to retail stores.
The site is well-served by significant arterial roadways as well as also expressways such as Balestier Highway, PanIsland Expressway (PIE) and also Central Expressway (CTE), which provide smooth connectivity to Treasure At Tampines. Mr.Loh, Executive Supervisor and additionally Head of Financial Investment as well as Capital Markets at Knight Frank Singapore, states, "The new skyscraper growth will appreciate unblocked views in the direction of Jalan Kemaman, over low-rise landed homes. Our firm think the brand-new advancement will be demanded provided the recent renewal of the Balestier area, along with the restricted supply around." Mr. Peter, Chairman of the Collective Sale Board of Kemaman Factor, remarks, "We would like to thank the proprietors along with our appointed advertising representative and lawyer for their assistance, and also making this collective sale a success. The procedure has in fact been clear as well as likewise we wish to gather the 100% agreement to quicken the procedure for owners to wage their following house acquisition." This is the eighth collective sale site Knight Frank Singapore has in fact marketed taking into consideration that the start of the cumulative sale flurry in Might 2017, bringing the overall quantum to surpass $3 billion to this day.
Sales by Knight Frank contain One Tree Hillside Gardens for S$ 65 million, Rio Casa for S$ 575 million, Normanton Park for S$ 830.1 million, Dunearn Court for S$ 36.3 million, Mayfair Gardens for S$ 311 million, Dunearn Gardens for S$ 468 million as well as likewise Goodluck Lawn for S$ 610 million. Knight Frank is provide presently marketing Elizabeth Towers, a prize estate skyscraper household redevelopment site in the heart of Orchard. The get price for Elizabeth Towers is S$ 610 million. Because of the high as-built GFA of 23,452.286 sq m and innovation baseline of 24,416 sq m, an advancement cost is not payable for the redevelopment of the site based on the GFA of 23,452.286 sq m, and also this converts to a land rate of concerning S$ 2,416 psf ppr. With the enhancement of a 10% advantage terrace GFA, based upon the authorities' authorization, the land rate is lowered to about S$ 2,265 psf ppr.