Singapore-based company Popular Holdings, through Popular Land Investment, has secured an en bloc sales deal to acquire Permai Court, a freehold residential site at Kampong Bahru, for approximately S$20.25 million.
This works out to about S$982 psf ppr, taking into consideration an estimated S$2.5 million development charge (DC) and premiums for the adjoining site.
Permai Court, which is the first residential site in District 4 to be collectively sold this year, has a total land size of 8,009 sq ft and a gross plot ratio of 2.1. Combined with the adjoining site, the total land area is about 10,033 sq ft.
According to The Business Times, a new development can potentially yield up to 23,176 sq ft of gross floor area (GFA), including a 10 percent GFA bonus for balcony space.
"Popular has the option of either redeveloping the site into high-end residential units for sale, or for lease as luxurious serviced residences to cater to the needs of leisure travellers on holiday at the Sentosa integrated resort as well as the Mount Faber leisure cluster," said Jeffrey Goh, Head of Investment Sales at HSR, which brokered the deal.
Meanwhile, owners of the property will receive gains of between S$1.43 million and S$2.80 million for their units, which range in size from 797 sq ft to 1,884 sq ft.
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