Listed developer Soilbuild Group Holdings yesterday said that it bought a landed site off Meyer Road which it plans to amalgamate with Margate Mansion for a small luxury condominium project.
Margate Mansion: Will be amalgamated with another site for a luxury condominiumThe group's latest purchase is 10 Margate Road. It paid $30.8 million for the 16,967 sq ft freehold site. Together with Margate Mansion, total land cost - including a development charge of about $18.4 million - works out to $88.8 million or $987 per sq ft (psf) per plot.
Soilbuild said that its purchase of Margate Mansion, a collective sale site, is still pending the Strata Titles Board's approval.
The group bid $58 million, or about $882 psf per plot including an estimated development charge then of $6.5 million, for the 34,804 sq ft freehold site. Development charges have since been revised upwards.
The combined land area for the two sites is 51,771 sq ft. Based on a plot ratio of 2.1, gross floor area for the amalgamated site is 108,719 sq ft.
Assuming average unit sizes of between 1,500 and 2,000 sq ft, the site can be redeveloped into about 50 to 70 luxurious residential units.
The East Coast site, in district 15, has easy access to the East Coast Park Expressway and is about 10 minutes from Suntec City and the Central Business District.
Soilbuild said that the group's latest purchase will be funded by internal resources and borrowings.
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