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KISMIS View, a collective sale site along Lorong Kismis in the Upper Bukit Timah area, has just been launched for sale by tender by sole marketing agent, JLL.
JLL said on Wednesday that about 90 per cent of the owners have consented to the collective sale at a minimum price of S$102 million.
Built in the early 1980s, Kismis View comprises 43 units in two four-storey and seven-storey apartment blocks. It is a 99-year leasehold site with a balance lease term of about 64 years. Under the 2014 Master Plan, the 90,863 square foot site is zoned "Residential" with a gross plot ratio of 1.4.
The site may be redeveloped into a low-rise apartment development of up to five storeys, with a total gross floor area of about 139,929 sq ft including a 10 per cent bonus balcony area. The maximum number allowed would be 168 units based on the minimum average size control of 70 square metres.
At the minimum price and with an estimated differential premium of about S$23 million (subject to verification and confirmation with the relevant authorities on the development baseline), Kismis View's land cost reflects about S$983 per sq ft per plot ratio, JLL said.
"This compared favourably with some nearby land sales such as the Government Land Sale site at Toh Tuck Road earlier this year, the predominantly residential mixed-use Goh & Goh Building site and the most recent Mayfair Gardens."