THE tender for the collective sale of Grange Heights has been launched. And sources say the reserve price could be around $845 million, or $2,200 psf per plot ratio (ppr).
No development charge is payable for the 136,678 sq ft freehold plot, according to marketing agent Jones Lang LaSalle.
Owners controlling more than 80 per cent of share values in the estate have signed the collective sale agreement. In March this year an expression of interest exercise was launched before the minimum consent level had been secured.
The price expectation then was ‘upwards of $1,700 psf ppr’, according to a BT report at the time.
Grange Heights has been zoned for ‘permanent residential’ use with a 2.8 maximum plot ratio and a height of up to 36 storeys. The current development has access from three entrances - Grange Road, River Valley Grove and St Thomas Walk. The existing development comprises three blocks with a total of 120 apartments. The tender closes on Nov 28.
Source : Business Times - 8 Nov 2007