Pomex Court, a three-storey, freehold, walk-up residential development in the Joo Chiat area, has been sold for S$37.6 million through a collective sale.
The price works out to S$1,014 per square foot per plot ratio. No development charge is payable.
The District 15 is being bought by K16 Development, the shareholders of which are Irawan Gawain and Yang Hui’en.
Completed in 1986, Pomex Court is on a 26,471 sq ft site at 50 Lorong 101 Changi. The existing development comprises 19 units. All owners have agreed to the collective sale.
Under the Urban Redevelopment Authority’s Master Plan 2014, the site is zoned for residental use with 1.4 plot ratio (ratio of maximum gross floor area to land area).
The site may be redeveloped into a five-storey project with 34 units.
This is based on the minimum average unit size of 100 sq m gross floor area stipulated by URA for the location.
Adapted from: The Business Times, 6 June 2018