More enbloc news: Parkway View

By The Folks @PropTalk - September 22, 2011 No Comments

Parkway View, a freehold residential redevelopment site located along Marine Parade Road, has been put up for collective sale by tender with an indicative price of $81 million or $1,496psf ppr.

Marketing agent Jones Lang LaSalle (JLL) said in a press statement yesterday that the redevelopment site has an area of 25,787sqft. It is zoned for “residential” use with a gross plot ratio of up to 2.1, and has a maximum height limit of 24 storeys.

JLL said the potential gross floor area (GFA) of up to 59,568sqft, inclusive of a 10% bonus GFA for balcony space, could potentially yield some 125 apartments with an average size of 450sqft each. No development charge is payable on the subject site.

The $81 million indicative price works out to $1,360psf ppr, if the 10% bonus gross floor area allowed for balcony space is included.

Parkway View is currently a 15-storey development with 26 units ranging from 129sqm to 322sqm each. The site is opposite Parkway Parade and Marine Parade Centre, and is in close proximity to the upcoming 112 Katong.

Stella Hon, JLL’s national director and head of investments, says the site offers the potential buyer an opportunity to acquire a bite-sized freehold land in a prime residential location, and should generate strong response.

The tender will close at 3pm on Oct 27.
Source: The Business Times.

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