Monday, April 17, 2006
Charlton Garden put up for collective sale for $23m
YET another group of homeowners has jumped on the collective sale bandwagon. This time it's the folks at Charlton Garden.
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| Charlton Garden: At $23m, the price works out to $360 psf ppr, including an estimated development charge of $2m |
They are collectively asking for about $23 million for their property. Charlton Garden has a site area of 49,471 square feet and a plot ratio of 1.4, with a three-storey mixed-land use residential zoning, according to the Urban Redevelopment Authority's Master Plan 2003.
Located along Charlton Lane, it has double frontages onto Charlton Lane and Upper Serangoon Road. The site is also close to the Kovan MRT Station.
At $23 million, the price works out to $360 per square foot per plot ratio, including an estimated development charge of $2 million. Each of the owners in the development is expected to get about $1.1 million if the sale goes through, which is 30 to 40 per cent above current value, said DTZ Debenham Tie Leung, the project's marketing agent.
Charlton Garden currently is a four-storey walk-up development with 18 apartments, DTZ said. It is also the owners' first attempt at a collective sale.
DTZ reckoned that a three-storey cluster housing with facilities could be built at the site, with around 31 units, each at about 2,300 sq ft, with basements and attics.
The tender for Charlton Garden closes on May 18.
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// posted by Shajahan @ 11:36 AM 