One of Singapore’s first generation apartment developments from the post-colonial era has been put up for collective sale.
The 40-unit development on 402 River Valley Road in district 10 was built in the early 1960s and has a land area of over 22,000 square feet.
It is effectively a freehold site as it has a unique tenure of close to a million years.
More than 80 per cent of the owners have signed a collective sale agreement to sell the property.
They expect offer prices of between S$72 million and S$80 million or between S$1,057 and S$1,175 per square foot.
The potential buyer will have the option of redeveloping the site into a gross plot ratio of 3.08, or about 130 apartment units of about 500 square feet each.
The site has a unique tenure of 999,999 years with effect from 1962.
The tender closes at 2.30pm on June 9.
Source : Channel NewsAsia – 11 May 2011
Lush Dream Home 