Tampines Road site up for collective sale

Tampines Road site up for collective sale

SINGAPORE - Yi Mei Garden, a freehold residential development at Tampines Road, is up for collective sale by tender with its owners looking at a selling price between $132 million and $135 million.

This works out to $805 - $810 per square foot per plot ratio (psf ppr) for the site including an estimated development charge of $4 million. The plot has a land area of 78,030.38 square feet and a gross plot ratio of 2.1.

According to ERA Realty Network, which is handling the sale, the site can be redeveloped into two towers with a total gross floor area (GFA) of 163,863.79 sq ft. The existing development is made up of 44 apartments and four penthouses that were completed in 1984.

It is located near the Kovan MRT and Heartland Mall, which are just about 0.8 km away, said ERA. The tender for Yi Mei Garden closes on June 6 at 4pm.

The residential collective sale market is showing signs of revival of late, with at least three collective sales sealed so far this year. Most of them were relatively bite-sized deals at below $200 million.

This includes Kismis Lodge, a development comprising a pair of freehold, walk-up apartments near Toh Tuck Road. It was sold in March for $84.18 million - $1,198 per square foot (psf) over land area - after being put on the market in January.

March also saw the sale of Ultra Mansion, a 13-storey freehold development near Novena MRT station which was sold for $149.13 million, or $1,170 per sq ft (psf) of potential gross floor area.

A few developments have also come on the market in the last few months. Late last month one such deal was The Versailles, a 55-unit freehold condominium along Guillemard Road, which was put up for collective sale with its owners expecting offers ranging from $105 million to $110 million - or $1,088 psf to $1,133 psf per plot ratio (ppr).

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