Oct 23, 2007
A residential site along Upper East Coast Road that now houses Rich East Gardens, is being sold via ebloc sale.
Property consultancy Credo Real Estate says the site can fetch about 90 million to 95 million dollars, which translates to a land rate of about 620 dollars per square foot per plot ratio.
The 105 thousand square feet site can be built up to 5 storeys, if the new developer forks out another 776 thosuand dollars for the development charges.
Credo says the site can then be turned into a development with 100 apartment units with an average size of 1,400 square feet each.
It says the new developer could also choose to build 3½-storey strata mixed landed houses on the site.
The tender closes on 21st of next month.
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