Updated, Mar 2, 2018, 5.36 p.m., to add tenure of property.
On Feb 27, the freehold, 200-unit Windy Heights at Kembangan was launched for collective sale with a reserve price of $806.2 million. According to marketing agent Knight Frank Singapore, the land rate for the 250,702 sq ft site translates to $1,288 psf per plot ratio (ppr).
Including a 10% bonus balcony gross floor area (GFA) – subject to authorities’ approval – the reserve price works out to $1,171 psf ppr.
(Credit: Knight Frank Singapore)
Built in 1983, Windy Heights has 192 apartments, eight penthouses and two commercial units. Under the 2014 Master Plan, the site is zoned “Residential” with a gross plot ratio of 2.1. However, the verified existing GFA of Windy Heights is 625,935 sq ft, which translates to a gross plot ratio of 2.4967.
Based on the existing GFA, the redevelopment can have 581 residential units, assuming each unit has an average size of 1,076 sq ft. According to Knight Frank, the buyer does not have to pay development charges due to Windy Heights’ high development baseline.
The tender closes on April 18.
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