11, Balmoral Road for sale at $75m
Yet another residential development has been launched for a collective sale, this time at 11, Balmoral Road.
All owners of the 17-unit freehold development in prime District 10 have given their approval for the sale.
The sole marketing agent, JLL, said that owners are asking for $75 million, which translates to an estimated land rate of $1,761 per sq ft per plot ratio, inclusive of development charge.
An application for the development baseline has been submitted to the Urban Redevelopment Authority to establish the amount of development charge payable.
It is estimated to be in the region of $10 million, subject to confirmation.
This marks the first collective sale attempt for the property that was built in the mid-1990s.
It comprises 17 units in two four-storey apartment blocks.
With full consensus from owners, an approval from the Strata Titles Board for the sale is not required and the successful purchaser can take possession of the site upon the end of the vacant possession period and plan towards marketing and building the new project quickly, JLL said. - THE BUSINESS TIMES