Melrose Court

  Melrose Court sold for S$44m in en bloc sale

Melrose Court in Balestier has been sold for S$44 million in a collective sale.
The 32-unit residential development at No.10, Lorong Limau was sold to local boutique developer Melrose Land.
The property’s broker, Colliers International, says that Melrose Court is not linked to Melrose Land and notes that the sale is subject to the approval of the Strata Titles Board.
The freehold residential site has an area of 23,789 square feet.
Under the 2008 Master Plan, it has a gross plot ratio of 2.8.
Including the development charge of about S$277,235, the sale price translates to a land price of about S$665 per sq ft per plot ratio.
Colliers International says that upon approval, each owner is expected to receive gross proceeds of some S$1.129 million to S$2.261 million from the sale, depending on the size of their unit.
It also says that the site could accommodate a residential development of up to 36 storeys, comprising some 88 units of 830 sq ft each.
Source : Channel NewsAsia – 1 Sep 2010

 

Melrose Court up for enbloc sale

The hot property market has seen yet another residential development going up for en bloc sale.
The public tender for the collective sale of Melrose Court at No.10, Lorong Limau has been launched.
The freehold site is currently occupied by a four-storey residential development comprising 32 units.
It has an area of 23,789 sq ft.
The site is zoned for “residential” use with a gross plot ratio of 2.8 under the 2008 Master Plan.
Property consultant Colliers International says it can be re-developed into a 22-storey residential development with a total gross floor area of 73,271 sq ft.
This includes an additional 10 per cent allowed for balcony space.
The new development can accommodate some 88 units of 830 square feet each.
Colliers International says the indicative price is about S$48 million, which works out to some S$688 per square foot per plot ratio.
This includes a development charge of about S$2.38 million.
Colliers International adds that over than 80 per cent of the owners have agreed to the sale.
Based on the asking price, each owner could reap between S$1.23 million and S$2.46 million from the sale.
The tender will close on August 12.
Source : Channel NewsAsia – 14 Jul 2010