A residential site of about 47,400 sq. ft. on Singapore’s East Coast is up for sale by the tender, reports Today. The site is home to a 113-year old former beach villa that was built by the late Choa Kim Keat, after whom Kim Keat Road in Balestier is named. Mr Choa was also the husband of the grand-daughter of 19th century philanthropist Tan Tock Seng.
While the villa has been identified for conservation by the Urban Redevelopment Authority (URA), the site may still be redeveloped into residential high-rise condos of about 1000 sq. ft. each with the conservation villa integrated into the development, according to property consultant Credo Real Estate.
According to URA guidelines, the site has a gross plot ratio of 2.1 and the developer will be able to build up to 24 storeys. Credo managing director Karamjit Singh expects offers for the site at between S$100 million and S$110 million (US$81.2 to US$89.3 million).
The tender will close on June 6.
Source : PropertyReport – 10 May 2011
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