Enbloc news: Grand Tower sold for $88.5m

Grand Tower located near Novena MRT station sold en bloc for $88.5 million. This reflects a land rate of $1,376psf ppr based on a plot ratio of 2.958.

Marketing agent for the site Savills said the buyer is 27MR Pte Ltd, a wholly owned subsidiary of boutique developer New Century Real Estate.

New Century Real Estate is also the developer for 8Rodyk condominium.

Grand Tower is a freehold development with a site area of 21,742 sqft. The site can potentially accommodate a new high rise residential development with a maximum permissible Gross Floor Area of approximately 64,310sqft.

The site can potentially be redeveloped into a residential development comprising more than 70 apartments averaging 800sqft each.

Savills said the breakeven cost is estimated between $1,900 to $2,000psf.

The existing development comprises 28 apartments with an area of about 1,873sqft each.

Savills said each owner can potentially receive approximately $3.16 million, or $1,688psf on strata area. This is higher than the $1,000 to $1,100psf if the apartments were to be sold individually in the secondary market.

Grand Tower is Savills' fourth collective sale for the year following Newton View at $147.6 million in March.

Source: Channel News Asia

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