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Freehold Development Fetched A Collective Sale At $168 Million

Proprietors of the 48-unit Gilstead Court have launched the property growth for advancing sale at the book price of $168 million. The asking price from the residents there goes to least $1,600. However, if the 10% extra gross floor covering location (GFA) for the veranda location is contained, the land price will absolutely be lessened to $1,445 psf ppr, says Tan Hong Advantage, regional supervisor at JLL, which is marketing the domestic or industrial residential or commercial property. Much better, there will definitely be no development cost payable as the site has a high growth standard.

Under URA's Master plan 2014, the 75,479 sq feet site is zoned "property" with a gross tale ratio of 1.4. With a permitted GFA of 116,237 sq feet, the site could be redeveloped right into a five-storey boutique growth showcasing 140 residences, based upon the authorities' approval, says JLL. Gilstead Court, completed in 1978, pushes Gilstead Road in Area 10. It is a ten-minute walk from Treasure MRT incurable in addition to Treasure At Tampines location. Throughout the street, the 24-unit Gilstead Estate was launched for collective sale on May 30 at the reserve expense of $68 million. This transforms right into a land rate of $1,565 psf ppr. The tender for Gilstead Court will shut on July 10.