Aura Park on Holland Road up for sale by tender

Aura Park on Holland Road up for sale by tender

AURA Park, a 20-year-old residential development on Holland Road, is for sale by tender. The 35,724 sq ft site, with a 1.4 plot ratio, has an indicative price of $55 million or $1,100 psf ppr, including a development charge of about $8.5 million.

Savills Singapore, which is marketing the site, estimates the breakeven price for a new project at $1,550-$1,650 psf, depend on positioning. 'The site is near the Holland Park Good Class Bungalow (GCB) area, so one can capitalise on that to develop luxurious apartments with unblocked panoramic views of the estate,' said Savills director of investment Steven Ming. Based on the permissible gross floor area of about 50,000 sq ft, a development of 28 units of about 1,800 sq ft each can be built.

On the other side of Holland Road, 12 units at the 34-unit Botanika were sold by auction for $1,710-$2,420 psf this month.

The average price was reported to be $2,040 psf. It is understood that Botanika is fully sold.