Tender alert: Balestier redevelopment sites up for collective sale

The indicative price is in the region of $68m for Parcel A and $81m for Parcel B, subject to the tender process.

The said figures are inclusive of approximately $795,000 of development charge and $4.45 million of land premium. Interested parties may submit bids for either or both plots of land.

Jones Lang LaSalle said the two prime freehold residential redevelopment sites at Balestier, located along Kim Keat Lane and Kim Keat Close, have a gross plot ratio of 2.8 and an allowable building height of up to 36 storeys.

The first parcel has the potential to be amalgamated with an adjoining state land of approximately 133.7 sqm and could potentially yield a residential development with a total gross floor area of 6,889 sqm / 74,151 sq ft or some 88 units of an average size of 800 sq ft.

The second parcel, on the other hand, has the potential to be amalgamated with an adjoining state land of approximately 263.1 sqm to be redeveloped into a residential development with a total potential gross floor area of 8,378 sqm / 90,179 sq. Potential yield is some 107 units.

Both are subject to approval from the relevant authorities and payment of development charge and land premium, if any. Currently, there are 76 strata apartments and 8 commercial units located in four 3-storey walk up blocks located on the Sites. Over 80% of the owners have consented to the sale.

The tender will close at 3pm on 1 March 2012.