Published October 21, 2010
By UMA SHANKARI
MARINE Point, a freehold residential development at Marine Parade Road, is up for collective sale with a $110 million price tag.
The project has a site area of 51,185 sq ft and a 2.1 gross plot ratio, giving a maximum gross floor area of 107,489 sq ft.
The existing development comprises 30 apartments and two penthouses.
ERA Asia Pacific, which is conducting the public tender for the sale, estimates that the site can be re-developed to accommodate around 90-100 apartments averaging 1,000 sq ft each.
More than 80 per cent of the owners by share value and strata floor area have signed the collective agreement. The tender for Marine Point closes at 3.30pm on Nov 18.
Separately, the Urban Redevelopment Authority (URA) said yesterday that it has accepted an application from an unnamed developer to put up a 30-year leasehold industrial site at Pioneer Road North/Soon Lee Street for sale.
The 1.44 hectare land parcel was made available for sale through the government's Reserve List system on May 27 this year. Sites on the Reserve List are only put up for tender if a developer indicates a minimum bid price in an application, and that bid price is deemed to be acceptable.
The unnamed developer has committed to bid at least $13.8 million, or $44 psf ppr, for the land parcel. But Savills Singapore's industrial director Dominic Peters said the top bid could be in the region of $60-$70 psf ppr.
'There should be strong demand for the site as the industrial sector is still very open to investors, unlike other segments of Singapore's property market,' Mr Peters said.
The land parcel has a maximum gross plot ratio of 2.0. It is zoned for 'Business 2' use, which means it can be developed for a variety of uses such as clean, light and general industries which include industries related to bio-technology, vehicle repair and servicing, and manufacture of electrical and electronic products.
The tender for the site will be launched in two weeks' time.
Source: http://www.businesstimes.com.sg
