Jalan Ampas industrial site up for collective sale

Jalan Ampas industrial site up for collective sale
By Tan Hui Leng, Channel NewsAsia | Posted: 18 November 2009 2132 hrs

SINGAPORE: Owners of a freehold industrial site at No.6, Jalan Ampas, off Balestier Road, have put their property up for collective sale.

The property is one of the 15 industrial buildings in the Balestier area that the Urban Redevelopment Authority (URA) has said it is prepared to consider re-zoning for residential use.

Credo Real Estate, the marketing agent for the site, is not disclosing the reserve price but said it expects offers of around S$27 million to S$30 million.

The existing development, spanning about 28,000 square feet, holds a three-storey strata-titled development, comprising four terrace factory units built in the 1980s.

When it is re-zoned, the site may be redeveloped into a high-rise residential development with a gross plot ratio of 2.8. This may yield some 100 apartments with an average size of 780 square feet.

The developer will, however, have to pay a development charge of S$18.7 million for changing the use of the site. Credo said that after factoring in the development charge, the indicative price range translates to S$586 to S$625 per square foot per plot ratio.

At this range, it said, the developer should be able to break even at about S$950 psf to S$1,000 psf.

Credo said it is upbeat that the site can attract significant interest from developers as it is located near Shaw Plaza.

The en bloc tender opened on Wednesday and will close at 3pm on December 10.

- CNA/ir