TEE Land says that it will be acquiring the freehold interest in a plot of land located at 338 to 364 Upper East Coast Road. Called Teck Guan Ville, the low-rise condominium with just 14 units. The purchase price for the 42,290 sq ft site is $60 million, which is close to the reserve price, according to Anna Tan, ERA Realty senior division director who brokered the sale.
Based on the sale price, the land rate translates to an estimated $1,300 psf per plot ratio (psf ppr), including development charge, says Tan. The site has a plot ratio of 1.4, and can be redeveloped into a new condominium project of about 70 units. It's also within walking distance of the upcoming Bayshore MRT station on the Thomson-East Coast Line.
The 14-unit Teck Guan Ville at Upper East Coast Road was acquired for $60 million (Credit: ERA)
As all the 14 owners have agreed to the sale, no Strata Title Board approval is required. Upon the successful completion of the en bloc sale, the owners will walk away with $4.285 million each.