Versailles , a 55-unit residential development on Guillemard Road off Paya Lebar Road, is up for sale by tender. The freehold site has a land area of 53,073 sq ft and a gross plot ratio of 2.1. Zoned residential, with a potential gross floor area (GFA) of 122,598 sq ft, the site can yield 148 new condominium units. The existing property is a four-storey condo built in the 1990s.
This is Versailles first attempt at a collective sale, says Jones Lang LaSalle (JLL), the sole marketing agent for the site. It is located within walking distance to the upcoming Paya Lebar Central, where about 12ha of land around Sims Avenue have been set aside for the development of a commercial hub, according to Yong Choon Fah, JLLs national director of investments.
Versailles owners are expecting offers of $105 million to $110 million for the site, which translates into $1,088 to $1,133 psf per plot ratio (psf ppr), including development charge on the potential GFA.