Acoording to a CNA report, Leong Bee Court, a freehold residential development located at Woodsville Close, off Upper Serangoon Road, has been put up for collective sale.
The indicative asking price of $60 million to $68 million works out to $668 to $758psf ppr. No development charge is expected.
The site has a land area of about 29,400sqft. Under the URA Master Plan 2008, it is zoned for residential use and can be built up to 24 storeys high.
The 25-year-old development currently consists of 27 apartments of sizes ranging between 1,870 to 2,450sqft.
Subject to the necessary approvals, a new development can potentially have a build-up gross floor area of about 89,800sqft, which is equivalent to a gross plot ratio of 3.05.
The site can be further enhanced by a possible amalgamation with an adjoining state land of about 1,340sqft.
Future development can yield 90 housing units averaging 1,000sqft per unit, targeting mid-tier investors who want to own a freehold property that is very close to an MRT station and a few stops away from town.
A new freehold development on the site is expected to fetch around S$1,400 psf to S$1,500 psf.
HSR Property Consultants is the exclusive marketing agent and property consultants handling the tender, which closes on April 27.
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