Tag Archives: Novena MRT Station

Freehold residential site up for en bloc sale

A residential site at Tampines Road is up for collective sale with an indicative selling price of S$132 million to S$135 million, according to marketing agent ERA Realty Network.

The freehold  Yi Mei Garden comprises a land area of 78,030.38 sq ft and gross plot ratio of 2.1, with a selling price of about S$805 to S$810 psf per plot ratio (ppr), The Business Times reported.

Completed in 1984, the property currently houses 44 apartments and four penthouses. It could be redeveloped into two towers with a total gross floor area (GFA) of 163,863.79 sq ft.

Meanwhile, the residential collective sales market has shown signs of recovery in the last few months, with at least three properties sold in 2013. For instance, Kismis Lodge which features a pair of freehold walk-up apartments near Toh Tuck Road was sold for S$84.18 million or S$1,198 psf in March.

The sale of Ultra Mansion near Novena MRT station went for S$149.13 million or S$1,170 psf on its potential GFA.

Another deal that closed recently was The Versailles, a 55-unit freehold condominium along Guillemard Road, priced from S$105 million to S$110 million, or S$1,088 to S$1,133 psf ppr.

Source – PropGuru – 8 May 2013

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Aspial Corp buys residential site at Bassein Road for $41.1m

Aspial Corporation has submitted an offer through its subsidiary World Class Land to purchase Chong Kim Apartment at 8 Bassein Road for S$41.1 million.

The apartment was offered for sale by tender on May 12.

Aspial says the offer has been accepted.

The freehold Chong Kim Apartment has a land area of 1,426.9 square metres and is zoned for residential use.

It has a plot ratio of 2.8 and can be developed to a 36-storey property.

Subject to the approval of authorities, Aspial says it intends to purchase an adjoining plot of state land sized at 150 square metres.

Aspial plans to develop a 110-unit apartment project on the combined land area.

The site is in the prime district 11 and is walking distance away from Novena MRT station, as well as shopping amenities Velocity @ Novena Square, Square 2, United Square and numerous medical facilities.

The acquisition and development will be funded internally and through bank loans, says Aspial.

It says the transaction is not expected to have any material impact and net tangible assets on the company for this financial year.

Source : CNA – 13 May 2011