Updated, Jan 24, 2018, 10:35 p.m., to add completion date of property and number of units.
Brookvale Park, a 999-year leasehold condominium located within the Sunset Way estate off Clementi, was launched for collective sale on Dec 6 with a minimum price tag of $530 million. As at Dec 6, more than 80% of the owners have consented to the collective sale.
According to JLL, the estimated development charge is $26 million. This translates into a land cost of about $932 psf ppr. The 373,008 sq ft site could be redeveloped into a project with 550 residential units with an average size of 1,100 sq ft, says JLL, who estimates the breakeven price to range between $1,480 and $1,500 psf.
Under the 2014 Master Plan, the site is zoned “Residential”, with a gross plot ratio of 1.6. Nearby institutions include the Singapore University of Social Sciences (the former Singapore Institute of Management) and Ngee Ann Polytechnic.
(Credit: JLL)
Built in the early 1980s, Brookvale Park has 160 units. The tender closes on Jan 25, 2018.
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