Colliers sells freehold industrial site at Balestier Road

32,544 sq ft site near Lorong Ampas expected to attract buyers due to its appealing location.

International property consultant, Colliers International, will be putting up for sale via tender, a freehold industrial site at 21 Kim Keat Road, on March 31, 2010.
The 32,544 sq ft (3,023.4 sq m) site is located near Lorong Ampas, which is currently occupied by a seven-storey light industrial building.

Under the 2008 Master Plan, the subject site is zoned for “Business 1” use. The Urban Redevelopment Authority has however, identified and would consider re-zoning the site from industrial to residential use with a gross plot ratio of 2.8.

Mr Ho Eng Joo, Executive Director for Investment Sales at Colliers international says, “Given the limited number of freehold residential sites available for sale in the current market, developers have been actively scouting for good sites for their depleting land bank. As such, we foresee this piece of land will attract a pool of keen buyers, as it is located at the city fringe and in a mature enclave, well-served by a host of amenities.”

“In the event of a successful change in land use, the buyer is likely to pay an estimated development charge of S$25 million. The vendor is looking to achieve a sale price of S$42 million for the site. This price could hence work out to S$734 per square foot per plot ratio after factoring in the DC.

With a potential gross plot ratio of 2.8, the subject site could be re-developed into a residential development with an estimated gross floor area of 91,123 sq ft. This could accommodate 91 to 182 apartments with size ranging between 500 sq ft and 1,000 sq ft,” adds Mr Ho.

The immediate locality of the subject site comprises mainly residential developments and industrial buildings. A host of shopping and food establishments could be found along Balestier Road as well as in Shaw Plaza, Balestier Point and Balestier Plaza.

The tender for the subject site will close on April 28, 2010 at 3.00pm.