Tee Land is buying Casa Contendere, a freehold development at 35 Gilstead Road through an en bloc sale for $72 million.
This translates to $1,638 per square foot per plot ratio (psf ppr). There is an estimated development charge of S$15.1 million payable to the state. The site has a land area of 37,972 sq ft. It is zoned for residential use with a plot ratio of 1.4 under Urban Redevelopment Authority’s (URA) Master Plan 2014.
Casa Contendere comprises of 11 maisonette units in a four storey block. Owners are likely to receive sums ranging from S$5.9 million to S$7.5 million per unit. Keck Seng Group is estimated to own six of the 11 units.
Tee Land is said to have entered into 11 option-to-purchase agreements to acquire and the units and the plan is to build a block of residential apartments on the land. The collective sale is subjected to legal due diligence and is likely to be completed by end-Febuary 2018.
The collective sale was done through private treaty. As all owners have agreed to the sale, the deal will not be subjected to approval from the Strata Titles Board.
The site can be redeveloped into an apartment project with about 70 units, with an average unit size of 753 sq ft GFA.
In September, Tee Land also announced its purchase of a small strata development comprising six townhouses along Seraya Crescent off Upper Thomson Road through a collective sale at S$25.74 million.
The price for the 24,069 sq ft freehold site translates to about S$931 psf ppr inclusive of development charge payable to the state.
Adapted from: The Business Times, 8 November 2017