FRAGRANCE Court has been put up for collective sale at a reserve price of S$70 million, about S$1,235 per square foot per plot ratio, property consultancy CBRE said on Wednesday.
The freehold site at Pasir Panjang, zoned for residential purposes, has an area of approximately 38,220 square feet. It has a plot ratio of 1.4 under the Masterplan 2014. The existing development is made up of 32 apartments. The owners, who represent more than the requisite 80 per cent of share value and strata area, have consented to the collective sale.
Development charge of about S$2.7 million is only payable if the developers choose to build the additional 10 per cent balcony space.
The site is close to the Pasir Panjang MRT station, which makes it “highly sought after by developers”, said Galven Tan, director, investment properties, at CBRE, in a press release.
It is also a short drive away from the Central Business District (CBD), Mapletree Business City and Resorts World Sentosa. “The matured neighbourhood of Pasir Panjang will further benefit from the future Greater Southern Waterfront City, planned by the URA,” added Mr Tan.
The plans for the Greater Southern Waterfront City involve having about 1,000 hectares of land freed up for development. This would come after the City Terminals and Pasir Panjang Terminal move to Tuas from their current locations starting 2027.
“Given that the neighbouring project – Bijou – achieved an average sale price of S$2,120 psf in August 2014, we envisage keen interest from developers. The development size is also very manageable and will draw in a wide pool of buyers,” said Mr Tan.
CBRE is the sole and exclusive marketing agent for the sale. The tender will close at 3pm on Nov 19.