Ceylon Flats, a three-storey walk-up residential development located at 22 – 28C Ceylon Road, has been put up for collective sale by tender.
The 21-unit property sits on a regular-shaped site of about 23,168sqft. It has a 999-year leasehold tenure. Marking agent Colliers International said in a press statement yesterday that under the Master Pan 2008, the site is zoned for “residential” use with an allowable gross plot ratio of 1.4.
Tang Wei Leng, Colliers’executive director of investment services, said that the indicative price for the subject site is in the range of $25.75 million to $27.39 million, or about $800-$850psf ppr.
A development charge of approximately $176,000 is payable to the state to maximize the allowable gross plot ratio. The tender will close on Oct 12.
Based on the indicative price, each owner could receive between $1.22 million and $1.3 million from the sale.
Ms Tang said in the press statement yesterday that the sale site should appeal to small- and mid-sized developers who appreciate a short turnaround time.
It can be redeveloped into a five-storey residential development accommodating either 50 units of 650sqft each or 29 units of 1,100sqft each.
Similar boutique-sized developments in the vicinity, such as Sycamore Tree and Moda @East Coast Road, are selling at $1,400psf to $1,600psf.
Source: The Business Times