Aylesbury Pte Ltd, a privately held developer, has successfully acquired Kemaman View, a freehold residential development off Balestier Road in a collective sale for S$45.5 million.
Jeffrey Goh, Head of Investment Sales at HSR, which brokered the deal, said: “From the responses that we have received for this site, it is clear that developers’ confidence remains high and intact because of the genuine home buyers’ demand coupled with the low interest rate environment here in Singapore.”
Aylesbury is believed to have paid around S$935 psf ppr for the 17,388 sq ft property. Zoned for residential use under the 2008 Master Plan, the site has a gross plot ratio of 2.8 with a maximum permissible height of 36-storeys subject to approval.
HSR revealed that owners will receive around S$1.517 million each, which is 30 percent above the resale price if the units were sold individually.
Completed in 1995, Kemaman View comprises of 30 apartments at 1,324 sq ft each.
“Our marketing campaign has been extensive with far-reaching results surpassing even our own expectations. This is because land values in the city fringe Balestier area of District 12 are fast catching up to the nearby prime District 11 of Newton and Novena,” noted Goh.
Source : PropertyGuru – 2012 Jun 19
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