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Freehold Summer Green up for collective sale at $48.5 mil

The freehold, 24-unit Summer Green residential development has been put up for sale by tender on Jan 12 for $48.5 million. This translates into a land rate of about $1,188 psf ppr, inclusive of a development charge of about $253,000, according to sole marketing agent Knight Frank.


The freehold, 24-unit Summer Green is up for sale for $48.5 mil, or $1,188 psf ppr. (Picture: Knight Frank)

The 13-storey development, located off Balestier Road, is situated on a 14,646 sq ft site. Under the 2014 Master Plan, it is zoned for Residential use with a plot ratio of 2.8. The site has a maximum permissible Gross Floor Area (GFA) of about 41,010 sq ft, and could be redeveloped into a residential project with 54 apartment units with an average size of 753 sq ft, subject to approval, says Knight Frank.

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“We continue to see heightened interest for redevelopment sites, especially for boutique redevelopment sites with a Gross Development Value of below $100 million”, says Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore.

The tender will close on Feb 12.

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