FREEHOLD residential property Westvale Condominium has been sold to RL West Pte Ltd, a subsidiary of Roxy Pacific Holdings Ltd, for $77.5 million, or about $883 per square foot per plot ratio (psf ppr).
The 62,710 sq ft site, located along Pasir Panjang Road, comprises 32 apartments located in a four-storey walk-up block.
The plot is zoned for residential use under Master Plan 2008, with a gross plot ratio of 1.4, a maximum building height of five storeys, and a potential gross floor area of up to 87,798 sq ft.
With the collective sale, each individual owner will receive gross sale proceeds ranging from approximately $2.2 million to $3.1 million, a more than 50 per cent premium over the current market price.
A development charge for the plot is expected to be incurred should the new developer decide to utilise the additional balcony space, which constitutes another 10 per cent of gross floor area. This charge would amount to $625,000.
The development could yield 115 new homes with an average size of 800 sq ft.
Source: Business Times – 23 June 2012