3 Balmoral Road - Prime Residential Site For Sale By Expressions of Interest

5 August 2009

Savills Singapore is pleased to announce the launch of a prime residential site for sale by Expressions of Interest.

 

3 Balmoral Road – as a redevelopment site
The property sits on approximately 23,821 sq. ft. of prime residential land located at No. 3 Balmoral Road. Based on the Master Plan 2008, the permissible plot ratio for the site is at 1.6 with a height restriction of 12-storeys.

The site has been given a Written Permission by the Urban Redevelopment Authority for the development of 30 residential units with a total potential saleable area of about 45,000sq. ft. Development Charge had been fully paid, up to a Gross Floor Area of about 41,918 sq ft.

The site is located along Balmoral Road – an established prime residential address. It is within a few minutes walk to the prestigious Ardmore Park, exclusive clubs such as The Pines, American Club and Tanglin Club. It is also a mere minutes’ drive to Orchard Road – Singapore’s premier shopping belt; including the newly opened ION Orchard and Orchard Central shopping malls. The property is also within 1km of 2 well established schools, Anglo Chinese primary school (Barker Road) and the Singapore Chinese Girls School. It is also just a stone’s throw away from Raffles Girls Secondary School.

Recently, City Development Ltd’s Volari project saw strong sales at an average price of more than S$2,000 psf.

“3 Balmoral Road is an ideal site for developers to develop a boutique residential project. The higher floor units of the proposed development will be able to enjoy views of lush greenery on Goodwood Hill,” says Steven Ming, Director of Investment Sales at Savills Singapore who is handling the sale.

3 Balmoral Road – as an income yielding investment
He adds, “Alternatively, the investor could just simply acquire 3 Balmoral as an income yielding investment. All 11 units within the existing apartment block are currently leased out.” If rents are marked to prevailing market rates, it will yield a gross monthly income of between $80,000 and $85,000 per month.

3 Balmoral Road has an indicative guide price of S$65 million or about S$1,450 psf on the potential saleable area.

The last site to be sold along Balmoral Road was 5 Balmoral Road which was sold to local listed Hiap Hoe Superbowl JV Pte Ltd for about S$1,870 ppr in October 2007. The 46,104 sq ft parcel has a permissible plot ratio of 1.6.

No. 3 Balmoral Road is presently owned by an investment company. “Hence, the sale of this property can be carried out expediently unlike a protracted collective sale and Strata Titles Board approval process,” adds Ming.

The Expressions of Interest will close at 3 pm on the 3rd September 2009.

 
 

Key contacts

Steven Ming

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Executive Director, Head of Investment & Prestige Homes

SGX Centre 1, Singapore

+65 6415 3624

 

Michael Lim

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Corporate Communications Manager

SGX Centre 1, Singapore

+65 6415 7579