Cardiff Court up for en-bloc for $25m

CARDIFF Court, a 43,500 sq ft leasehold site at Cardiff Grove off Lorong Chuan, is being put up for collective sale for $25 million.

The price works out to $519 per square foot (psf) of potential gross floor area, including the estimated development charges of about $6.63 million to top-up the lease to 99 years. The property currently has 72 years left on its lease.

It is zoned residential use with a 1.4 gross plot ratio (giving it a maximum potential gross floor area of about 60,887 sq ft) and has an allowable height of up to five storeys.

Around 96 apartments of about 600 sq ft each can be built on the site, estimated Sieow Teak Hwa, director of investment sales at Teakhwa Real Estate. Teakhwa Real Estate is marketing the project.

He said that based on a land cost of $519 psf, the breakeven price will be $860-$900 psf.

'Nearby 99 leasehold projects such as The Scala have recently transacted at about $1,100 psf to $1,430 psf while the Kovan Residences managed to sell above $1,000 psf,' Mr Sieow said. 'The new condo project should appeal to both home buyers and investors alike, specifically to the upper middle class Singaporeans living in the Serangoon area and foreigners looking at well located residential projects. At launch, it can be expected to achieve in excess of $1,100 psf.'

The tender for the site will close on Nov 18 at 3pm.

Source: Business Times - October 26 2010