Ceylon Flats up for collective sale

The tender will close on 12 October 2011, so be quick.

According to a release, Colliers International is putting up Ceylon Flats for collective sale by tender. Ceylon Flats is a three-storey walk-up residential development located at 22-28C Ceylon Road.

The 21-unit residential development sits on a regular-shaped land of about 23,168 sq ft, which has a 999,999-year leasehold tenure. Under the Master Plan 2008, the site is zoned for “Residential” use with an allowable gross plot ratio of 1.4.

Ms Tang Wei Leng, Executive Director of Investment Services at Colliers International, says, “Indicative price for the subject site is in the range of S$25.75 million to S$27.39 million, or about S$800-S$850 per sq ft per plot ratio. A development charge of approximately S$176,000 is payable to the State to maximize the allowable gross plot ratio.

Meanwhile, each owner could receive between S$1.22 to S$1.3 million from the sale.” Ms Tang continues, “Ceylon Flats sits on a small but well-located site, which will appeal to small- and mid-sized developers who appreciate a short turnaround time. The site can be re-developed into a five-storey residential development accommodating either 50 units of 650 sq ft each or 29 units of 1,100 sq ft each.

Another draw for the successful buyer is the site’s location which now has improved amenities and a better connectivity to other parts of the island via the proposed Marine Parade MRT station. Similar boutique-sized developments in the vicinity, such as Sycamore Tree and Moda @ East Coast, are selling at S$1,400 per sq ft to S$1,600 per sq ft.”