29 Mar '16, 4am

#singapore #property Newton Road site acquired for $18.8m: Homegrown property firm Amar...

Amara Holdings is looking to redevelop the site into a low-rise residential project. Homegrown property firm Amara Holdings is believed to have purchased a freehold bungalow at 31 Newton Road for $18.8 million. This translates to $1,256 psf based on its land area of 14,966 sq ft, reported The Business Times . The group also owns a neighbouring freehold bungalow at 29 Newton Road, which has a land area of 15,332 sq ft. According to its 2014 annual report, the property at 29 Newton Road will be redeveloped into a residential project with a gross floor area (GFA) of 21,463 sq ft. This means the development would have a plot ratio of 1.4, which is common for low-rise projects. Amara could combine the two sites to form a larger development with a total land area of 30,298 sq ft. Suppose it has a plot ratio of 1.4, then the GFA would be 42,417 sq ft, which is large enough to yie...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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