Freehold residential development Kemaman View was put up for sale by public tender on Monday.Located at Jalan Kemaman off Balestier Road, the development sits on a land size of approximately 17,400sqft.
The site is zoned for residential use, with a gross plot ratio of 2.8 and a maximum building height of up to 36 storeys.
The indicative price for the development is between $46 million to $48 million, marketing agent HSR Investment Sales said in a statement.
The figure translates to $945 to $986psf ppr.
No development charge is expected to be payable for the site.
Head of HSR Investment Sales Jeffrey Goh said, "The Balestier vicinity has been singled out as the key city fringe area to be enhanced, rejuvenated and revitalised.
"The upcoming Zhongshan Park and hotel developments will add vibrancy and add to the charm of the area."
Kemaman View currently comprises 30 units, each with an average size of about 1,300sqft.
HSR said a brand new high-rise development could yield about 98 new apartment units with unit sizes averaging 600sqft each.
It added that the units would have a target selling price of between $1,400 to $1,600psf, with an expected break-even price of about $1,300psf.
New nearby developments, such as The Interweave and Prestige Heights, are transacting between $1,400psf and $1,600psf for individual units.
The tender will close on May 23 at 3pm.
Source: Channel News Asia
One major issue that the wife and I have with this site is that access to the new development may be somewhat challenging especially during major Buddhist festivities and "Ching Ming" period.
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