What this means is that Meng Garden's buyer will be spared the hassle of going to the Strata Titles Board for approval of the collective sale of the freehold property, which has a land area of 35,639 square feet. It is zoned for residential use with a 2.8 plot ratio and height control of 10 storeys. The site could potentially accommodate a new development with about 95 apartments averaging 1,000 sq ft.
The latest 'guide price' of $135 million works out to about $1,360 per square foot of potential gross floor area inclusive of an estimated $681,000 development charge (DC).
No comments:
Post a Comment