Tag Archives: Versailles

Residential property at Paya Lebar Central up for collective sale

Versailles , a 55-unit residential development on Guillemard Road off Paya Lebar Road, is up for sale by tender. The freehold site has a land area of 53,073 sq ft and a gross plot ratio of 2.1. Zoned “residential”, with a potential gross floor area (GFA) of 122,598 sq ft, the site can yield 148 new condominium units. The existing property is a four-storey condo built in the 1990s.

This is Versailles’ first attempt at a collective sale, says Jones Lang LaSalle (JLL), the sole marketing agent for the site. It is located within walking distance to the upcoming Paya Lebar Central, where about 12ha of land around Sims Avenue have been set aside for the development of a commercial hub, according to Yong Choon Fah, JLL’s national director of investments.

Versailles’ owners are expecting offers of $105 million to $110 million for the site, which translates into $1,088 to $1,133 psf per plot ratio (psf ppr), including development charge on the potential GFA.

Versailles up for collective sale by tender

A 55-unit residential development at Guillemard Road has been put up for collective sale by tender.

Versailles has an indicative price tag of between S$105 million and S$110 million, which translates to some S$1,088 per square foot (psf) to S$1,133 psf.

The site has a land area of around 53,073 square feet (sq ft).

Exclusive agent for the deal Jones Lang LaSalle said the development has a potential gross floor area (GFA) of about 122,598 sq ft and could yield some 148 units of varying sizes.

The building is located near the Paya Lebar MRT station and the Dakota MRT station.

The global property consultant said the new project will attract owner-occupiers and investors due to the upcoming Paya Lebar Central, and the lack of supply of new residential projects in the vicinity.

It added that the site is near popular schools like Tanjong Katong Primary School and Chung Cheng High School.

National Director of Investments at Jones Lang LaSalle, Yong Choon Fah, said: “This is a rare freehold condominium redevelopment site that is located within walking distance to the up-and-coming Paya Lebar Central.

“According to the Urban Redevelopment Authority, 12 hectares of land around Sims Avenue have been set aside for this commercial hub at the city fringe. It will comprise a mix of offices, hotels, retail and public spaces, some with riverfront.”

The tender will close at 2.30pm on 30 May 2013.

Source : Channel NewsAsia – 24 Apr 2013