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Balmoral Gardens to be launched for collective sale; owners expect more than S$92m
BALMORAL Gardens - located near the Orchard shopping belt in prime district 10 - will be launched for a collective sale on Jan 17, 2018, sole marketing agent Huttons Asia said in a press statement on Tuesday night.
Owners of the freehold residential land expect offers above S$92 million, with the land rate estimated to be at S$1,872 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. This is estimated to be in the region of S$18.1 million, Huttons Asia said.
Situated at 11B Balmoral Road, the development has a site area of 3,414.3 sqm and a height limit of up to 12 storeys. All owners in Balmoral gardens have given their approval for the sale, and tender will close on Feb 7, 2018 at 2.30pm.
"With full consensus from the owners, an approval from the Strata Titles Board for the sale is not required; the successful purchaser can take possession of the site upon the end of the vacant possession period... and build the new development quickly," said Huttons Asia's associate group district director, Davidz Wan.
He added that with the current limited supply of new luxury residential developments in the prime district, it is expected that there would be a strong demand from home buyers due to its strategic location.
Balmoral Gardens is within close proximity to Newton, Orchard and Stevens MRT stations, with recreational facilities such as Raffles Town Club and Tanglin Club nearby. It is also within one kilometre to Singapore Chinese Girls School (Primary), Anglo-Chinese School (Primary and Barker Road) as well as Raffles Girls Secondary School.