Two freehold residential sites along Balmoral Road and Ewe Boon Road have been put up for sale in separate tenders. They both have a gross plot ratio of 1.6 with a building height control of up to 12 storeys based on the 2014 Master Plan.
Both sites combine to form an area of about 57,349 sqft. With signs that the Singapore residential market is regaining momentum and also due to its rarity, it is expected that there will be strong interest from both foreign and local developers.
The successful bidder will however have to pay a development charge of about $31 million in order to redevelop the land up to the plot ratio of 1.6.
Freehold land for sale within a prime location is becoming very rare and therefore such opportunities are usually taken very seriously by developers.
Both tenders will close on 20th April 2017.