Jalan Besar, Orchard sites up for sale
A commercial property in Jalan Besar and an upmarket development site off Orchard Road have been put up for sale.
The freehold commercial site at the former New World Amusement Park in Jalan Besar Road is being sold at an indicative guide price of about $13.5 million, reflecting a unit land rate of about $1,392 per sq ft per plot ratio (psf ppr), marketing agent JLL said yesterday.
Mr Clemence Lee, JLL's associate director for capital markets, said after factoring in the development cost, the blended break-even for the new development would be about $1,925 psf.
JLL said written permission has been obtained to develop the site to accommodate two four-storey units with a temporary eating house on the first storey and office use for the upper level.
The sale exercise closes on May 30.
Separately, Park House in Orchard is up for sale by tender with a guide price of $308 million. This reflects a land rate of about $2,387 psf ppr, or $2,170 psf ppr after taking into consideration the 10 per cent bonus gross floor area for balconies.
Owners of the 56 apartments will receive at least $5 million, while owners of four shops in the development will get no less than $6.65 million each, said marketing agent CBRE.
The 46,084 sq ft freehold site has an allowable plot ratio of 2.8.
Mr Jeremy Lake, managing director at capital markets at CBRE, said he expects at least eight to 10 tender bids from developers both here and overseas.
The tender closes on May 31. - THE STRAITS TIMES
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