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Soilbuild buys Martaban Road site from Salvation Army for S$7.1m
By Loh Kim Chin, Channel NewsAsia | Posted: 10 August 2006 2055 hrs

Soilbuild has acquired a 780 square metre site on Martaban Road from The Salvation Army for S$7.1 million.

The site is adjacent to various sites at Minbu, Martaban and Mandalay Roads in the Novena district which Soilbuild had bought in June for about S$45 million.

Soilbuild plans to amalgamate all the sites into a combined land area of 5,278 sq metres.

Based on the plot ratio of 2.8 and a maximum storey height of 36, the amalgamated site can now be redeveloped into about 100 to 120 residential units, assuming an average size of 1,500 square foot per unit.

The total acquisition cost for the various plots of land, including the development charge, works out to be S$51.6 million or S$325 per square foot per plot ratio. - CNA/ch