Singapore Balmoral Rd Site Sold At Record Price For The Area

Oct 23, 2007

A freehold site at Balmoral Road was recently sold for 138 million dollars via an ebloc sale.

This works out to a whopping 1,870 dollars per square foot per plot ratio -- a record price for the Balmoral area.

Property consultancy Newman & Goh brokered the deal and the buyer was the joint venture between Hiap Hoe and Superbowl.

The apartment development called The Aspine now sits on the saite, but Newman says a new development with 12 storeys and about 50 units can be re-built on the 46 thousand square feet site.

It expects units at the new development to fetch about three thousand dollars per squsre foot per plot ratio.

Newman also said it recently sold a freehold site in Yio Chu Kang, which now houses Toho Garden, for 62.5 million dollars or about 594 dollars per square foot per plot ratio.

The buyer was a unit of Singapore-listed GuocoLand.