The freehold, 72-unit Balestier Regency has been launched for collective sale by tender, announced marketing agent Teakhwa Real Estate. The property sits on a 61,952 sq ft site and is expected to fetch at least $218 million, which translates into a land rate of $1,265 psf per plot ratio (ppr), including a $1.35 million development charge. The land price would be reduced to $1,221 psf ppr if the 10% bonus balcony area is included.
Balestier Regency expected to fetch at least $218 million (Picture: Teak Hwa Real Estate)
The site is zoned for residential use, has a plot ratio of 2.8 and an allowable building height of up to 36 storeys. The maximum allowable gross floor area will be 173,409 sq ft. The redevelopment could potentially yield about 230 units of 753 sq ft each, subject to approvals.
The tender will close on June 21.