Knight Frank is pleased to introduce that Kemaman Factor, an 89-unit home improvement positioned off Balestier Highway, has actually been marketed jointly to Soilbuild Team Holdings Ltd for S$ 143.88 million. The rate to redevelop the site to a gross tale proportion (GPR) of 2.8 based upon the maximum allowed Gross Flooring Area (GFA) of roughly 122,711 sq ft, translates to a land rate of concerning S$ 1,173 each square foot per plot percentage (psf ppr). With the inclusion of a 10% bonus offer deck along with a suggested tale percentage of 3.08 (2.8 + 10% terrace), the land rate exercises to around S$ 1,111 psf ppr, inclusive of an advancement fee of around S$ 6.1 million, based on the authorities' authorization. Kemaman Factor is an unique domestic estate consisting of one property block of 89 apartment systems varying from 79 sq m to 159 sq m, along with has a site location of 4,071.5 sq m (approx. 43,825 sq ft). The instant place is mostly bordered by landed homes, high-rise condos, as well as retail stores.
The site is well-served by major arterial roadways as well as likewise expressways such as Balestier Highway, PanIsland Expressway (PIE) and Central Expressway (CTE), which provide smooth connection to Avenue South Residence Bukit Merah. Mr.Loh, Executive Supervisor as well as also Head of Financial Investment in addition to Funding Markets at Knight Frank Singapore, says, "The new skyscraper development will enjoy unblocked views in the direction of Jalan Kemaman, over low-rise landed residences. Our firm think the new innovation will be demanded offered the recent restoration of the Balestier area, in addition to the restricted supply around." Mr. Peter, Chairman of the Collective Sale Board of Kemaman Point, remarks, "We would like to give thanks to the proprietors in addition to our designated marketing agent and also attorney for their support, and making this advancing sale a success. The treatment has actually been clear and also we wish to garner the 100% agreement to accelerate the treatment for owners to wage their following residence procurement." This is the eighth cumulative sale site Knight Frank Singapore has in fact marketed considering that the beginning of the cumulative sale flurry in Might 2017, bringing the total quantum to exceed $3 billion to this day.
Sales by Knight Frank include One Tree Hillside Gardens for S$ 65 million, Rio Casa for S$ 575 million, Normanton Park for S$ 830.1 million, Dunearn Court for S$ 36.3 million, Mayfair Gardens for S$ 311 million, Dunearn Gardens for S$ 468 million as well as additionally Goodluck Yard for S$ 610 million. Knight Frank is provide currently marketing Elizabeth Towers, a reward estate skyscraper home redevelopment site in the heart of Orchard. The get price for Elizabeth Towers is S$ 610 million. Due to the high as-built GFA of 23,452.286 sq m as well as improvement standard of 24,416 sq m, a development cost is not payable for the redevelopment of the site based on the GFA of 23,452.286 sq m, as well as this converts to a land rate of about S$ 2,416 psf ppr. With the addition of a 10% advantage outdoor patio GFA, based on the authorities' authorization, the land price is minimized to about S$ 2,265 psf ppr.