Spottiswoode Apt sets new benchmark
UOL's $79.5 million acquisition of Spottiswoode Apartment, announced late on Tuesday, works out to a unit land price of $732 per square foot per plot ratio including an estimated $167,000 development charge.
This is a new benchmark for the Neil Road/Cantonment Road area, says United Premas, which brokered the freehold collective sale and released unit land price details yesterday.
Based on a land cost of $732 per sq ft per plot ratio, UOL's breakeven cost for a new condo project will be about $1,050 psf, market watchers reckon.
The 38,878 sq ft freehold site is zoned for residential use with a 2.8 plot ratio - the ratio of potential maximum gross floor area to land area - and a 36-storey maximum height under Master Plan 2003.
The site can be redeveloped into a new condo of about 100 units averaging 1,200 sq ft.
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