Parkway View along Marine Parade up for collective sale

The tender for the freehold residential redevelopment site will close at 3pm on 27 October 2011.

According to a release, Jones Lang LaSalle is presenting for collective sale by tender, a prime freehold residential redevelopment site, Parkway View, located along Marine Parade Road.

The redevelopment site has an area of 25,787 sq. ft, zoned for ‘Residential’ use with a gross plot ratio of up to 2.1 and can be built up to 24 storeys. The potential gross floor area of up to 59,568 sq ft, inclusive of 10% balcony, could potentially yield some 125 apartment units at an average size of 450 sq ft. Based on URA baseline reply, no development charge is payable on the subject site.

The subject 15 storey property, currently comprises 26 residential units with sizes ranging from 129 sq m to 332 sq m, enjoys prominent frontage along Marine Parade Road. The redevelopment site is also well served by major arterial roads and has convenient linkage to other parts of the island via the East Coast Park Expressway (ECP). It is within 15 minutes drive to Changi Airport, CBD and Orchard Road shopping belt.

In addition, the site is opposite Parkway Parade, Marine Parade Centre and in close proximity to the upcoming 112 Katong where amenities are easily accessible. Renowned schools such as Tao Nan Primary School, Ngee Ann Primary School, CHIJ Katong Primary, CHIJ Katong Convent, St Patrick’s School, Victoria School and Victoria Junior College are also located in the vicinity of the subject site.

Ms Stella Hoh, National Director and Head of Investments at Jones Lang LaSalle, comments “The subject site offers the potential buyer a great opportunity to acquire a bite-sized freehold land in a prime residential location. Given the ease of accessibility to amenities, close proximity to town, Changi Airport and renowned schools, the site would be able to capture a huge and varied target market. The site is anticipated to generate good response due to the upcoming Eastern Region Line.”

The indicative price is in the region of $81million (or $1,360 per sq ft per plot ratio, inclusive of 10% balcony). The tender will close at 3pm on 27 October (Thursday) 2011.