Brookvale Park condominium, situated in the Sunset Way estate, has been set up for collective sale with an asking price of S$ 530 million, marketing representative JLL stated on Wednesday (Dec 6).
This is the owners’ 3rd try at an en bloc sale, complying with a previous attempt in 2011 and also 2013. Greater than 80 percent of the proprietors have actually consented to the collective sale, JLL stated.
Constructed in the very early 1980s, Brookvale Park consists of 160 units on a 999-year leasehold site zoned for domestic usage.
The site may be redeveloped into a residential growth of approximately 12 storeys, with a complete gross floor area of 656,494 sq ft, consisting of a 10 percent benefit porch location. This implies the brand-new growth might potentially generate 550 devices with an average size of 1,100 sq ft, journalism release said.
The asking price, along with an approximated development charge of S$ 26 million, converts right into a land cost of S$ 932 per sq ft per story proportion (psf ppr), with the breakeven cost at concerning S$ 1,480 to S$ 1,500 psf.
“This compares favourably with recent land sales around, such as Royalville at S$ 1,960 psf ppr, Mayfair Gardens at S$ 1,244 psf ppr as well as the Government Land Sales sites at S$ 939 and S$ 1,540 psf ppr for Toh Tuck Road and also Fourth Method, specifically,” JLL said.
The tender for Brookvale Park closes on Jan 25, 2018, at 2.30 pm.
Singapore has seen a surge in cumulative sales this year, triggering the Monetary Authority of Singapore to sound a note of care on the regional property market.
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