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Summer Green condo hits collective sale market at S$48m
SUMMER Green off Balestier Road is the latest condo to hit the collective sale market with a reserve price of S$48 million.
That translates to a land rate of approximately S$1,178 per square foot per plot ratio (psf ppr), inclusive of a development charge of approximately S$320,000, for the freehold site with 24 units.
With that, owners at the 13-storey condo could net themselves about S$2 million per unit in the collective sale.
Summer Green has a site area of about 14,646 sq ft and an approved plot ratio of 2.8.
Subject to approval from authorities, the maximum permissible Gross Floor Area (GFA) of approximately 41,010 sq ft could yield 54 apartment units, with an average size of 753 sq ft.
The site will not be subject to a pre-application feasibility study.
Marketing agent Knight Frank said in a statement that the development enjoys unobstructed views of landed houses along Boon Teck Road. It is well-served by the Pan-Island Expressway, Central Expressway and Balestier Road.
It is also located along the Central Urban Loop (Whampoa Park Connector), an islandwide network connecting parks and nature sites.
"Balestier is currently undergoing successful rejuvenation with the opening of Zhongshan Mall, Ibis Singapore Novena and HealthCity Novena," Ian Loh, executive director and head, investment and capital markets of Knight Frank Singapore, said in a statement.
"The reserve price for Summer Green is comparable to recent transactions of Kemaman Point at S$1,173 psf ppr (S$143.88 million), and Ampas Apartment at S$1,122 psf ppr (S$95 million). Despite recent government cooling measures, the price quantum is still palatable and is a low-risk acquisition to mid-sized developers."
The tender for Summer Green will close on Aug 20 at 3 pm.
Earlier this month, Knight Frank also launched Chancery Esquire for collective sale along Chancery Lane.
Owners at the 31-unit, 29,022 sq ft development along Chancery Lane are expecting offers above their reserve price of S$86.6 million.
Due to the high as-built GFA of 48,188.6 sq ft, this translates to a land rate of approximately S$1,797 psf ppr with no development charge payable, subject to URA's development baseline search.
Based on the existing GFA of 4,476.87 sq m and assuming an average size of 753 sq ft, the site could potentially yield 63 new residential units upon redevelopment.
It is predominantly surrounded by Good Class Bungalows, landed homes and condominiums, with schools like Anglo-Chinese School (Primary), Anglo-Chinese School (Barker Road) and Singapore Chinese Girls' Primary and Secondary Schools located within a kilometre.
The tender for Chancery Esquire will close on Aug 2 at 3 pm.