BROOKVALE Park, located along Sunset Way in Clementi, has been launched for sale by tender for a minimum price of S$530 million.
Built in 1983, the 373,008 square feet (sq ft) site is zoned "Residential" with a gross plot ratio of 1.6. According to sole marketing agent JLL, the 999-year leasehold site could be potentially redeveloped from its current 160 units into a residential development of 550 units across 12 storeys, with an average unit size of 1,100 sq ft.
The new development would have a total gross floor area of about 656,494 sq ft, including a 10 per cent bonus balcony area.
At the minimum price and an estimated development charge of about S$26 million, it would reflect a land cost of about S$932 per square foot per plot ratio (psf ppr), with the break-even price at about S$1,480 to S$1,500 psf.
Over 80 per cent of owners consented to the sale.
The site is located within the exclusive Sunset Way enclave, and is accessible by major roads and expressways such as Bukit Timah Road, Clementi Road, the Pan Island Expressway and Ayer Rajah Expressway.
It is also near to tertiary and international education institutions such as Singapore Polytechnic, Ngee Ann Polytechnic, National University of Singapore, Singapore University of Social Sciences (formerly Singapore Institute of Management) and Canadian International School. Other amenities in the area include Holland Village, Bukit Timah Nature Reserve, Beauty World Plaza and Bukit Timah Shopping Centre
Yong Choon Fah, national director at JLL, expects "strong interest" from both local and foreign developers.
The tender for Brookvale Park closes at 2.30pm on Jan 25, 2018.