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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Enbloc News: Grand Tower

Grand Tower, a boutique freehold residential site located near Novena MRT station, has been launched for sale by tender.

The redevelopment site is located at the junction of Sinaran Drive and Moulmein Rise.

The 33-year-old tower block, consisting of 28 apartments, occupies an area of almost 22,000sqft in total.

Its marketing agent Savills Singapore said that the site can potentially be redeveloped into a high-end lifestyle project with a permissible gross floor area of approximately 64,000sqft.

This exceeds the allowable plot ratio of 2.8 as indicated in the 2008 Master Plan.

The new development can accommodate 74 apartments averaging 800sqft each.

Grand Tower has an indicative price of $88.8 million or about $1,381psf ppr.

Savills said there is no development charge payable and the breakeven price for the new development is estimated to be between $1,900 and $2,000 psf.

The company added that the recent transactions at nearby Gilstead Two were priced between $2,181 and $2,217psf whilst units at the 99-year-old leasehold Soleil @ Sinaran were transacted at between $1,773 and $1,966psf.

The tender for Grand Tower will close at 3pm on July 28.

Source: Channel News Asia

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