Knight Frank is pleased to announce that Kemaman Point, an 89-unit household advancement situated off Balestier Roadway, has been marketed jointly to Soilbuild Group Holdings Ltd for S$ 143.88 million. The price to redevelop the site to a gross story ratio (GPR) of 2.8 based upon the maximum permitted Gross Flooring Location (GFA) of roughly 122,711 sq ft, translates to a land rate of about S$ 1,173 each square foot per plot proportion (psf ppr). With the inclusion of a 10% bonus offer porch as well as a recommended story proportion of 3.08 (2.8 + 10% veranda), the land price exercises to around S$ 1,111 psf ppr, inclusive of a development fee of approximately S$ 6.1 million, subject to the authorities' authorization. Kemaman Point is an exclusive domestic estate consisting of one property block of 89 apartment systems varying from 79 sq m to 159 sq m, as well as has a site area of 4,071.5 sq m (approx. 43,825 sq ft). The instant location is predominantly bordered by landed houses, high-rise condominiums, as well as retail stores.
The site is well-served by major arterial roads and also expressways such as Balestier Roadway, PanIsland Expressway (PIE) and Central Expressway (CTE), which provide smooth connectivity to Parc Botannia Sengkang. Mr.Loh, Executive Director and also Head of Financial Investment as well as Capital Markets at Knight Frank Singapore, says, "The brand-new high-rise growth will enjoy unblocked views in the direction of Jalan Kemaman, over low-rise landed houses. Our company believe the brand-new advancement will be demanded offered the recent rejuvenation of the Balestier location, in addition to the restricted supply around." Mr. Peter, Chairman of the Collective Sale Board of Kemaman Point, remarks, "We would love to give thanks to the proprietors as well as our appointed marketing representative and attorney for their support, and making this cumulative sale a success. The procedure has actually been transparent and also we hope to garner the 100% consensus to quicken the procedure for owners to proceed with their following home acquisition." This is the eighth cumulative sale site Knight Frank Singapore has actually marketed considering that the start of the collective sale flurry in Could 2017, bringing the overall quantum to surpass $3 billion to this day.
Sales by Knight Frank consist of One Tree Hillside Gardens for S$ 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 and also Goodluck Yard for S$ 610 million. Knight Frank is provide presently marketing Elizabeth Towers, a prize estate high-rise 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 advancement baseline of 24,416 sq m, an advancement fee is not payable for the redevelopment of the site based on the GFA of 23,452.286 sq m, and this translates to a land rate of about S$ 2,416 psf ppr. With the addition of a 10% benefit veranda GFA, based on the authorities' approval, the land rate is reduced to approximately S$ 2,265 psf ppr.