14 May '18, 1am

City fringe freehold condominium enters en bloc market for $248 million

When freehold private properties go en bloc, there is excitement in the air. Ava Towers on Balestier road has just put itself on the collective sale market for $248 million. $248 million asking price for 124-unit Ava Towers Ava Tower A mid-sized condominium built in the 1990s, Ava Towers on Balestier road sits on a reasonably-sized plot of 64,471 sq ft with a gross plot ratio of 2.8. It currently consists of 124 apartments but can be redeveloped into a site with a gross floor area of 80,159 sq ft and at least 215 units if each is sized at an average of 753 sq ft. The $248 million reserve price translates to a land rate of $1,374 psf ppr. There is no development charge payable for this freehold plot. If however, a bonus balcony area were to be added, the land rate would be closer to $1, 274 psf ppr with a $5.03 million development charge. Allowance may be made for additions...

Full article: https://www.iproperty.com.sg/news/city-fringe-freehold-co...

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