Singapore: Knight Frank has put up for sale by tender, Vista Park, a prime leasehold residential redevelopment site, just next to Kent Ridge Park.
Located at 50-66 South Buona Vista Road, the site area of Vista Park is 29,659.1sq m (approx. 319,248 sq ft).
In accordance to Master Plan 2008, this site is zoned ‘Residential’ with a gross plot ratio of 1.4.
Built in the 1970s, Vista Park currently comprises of 209 residential apartments and townhouses with unit sizes ranging from 56 sq m to 251 sq m.
The site is tucked away in a peaceful, tranquil, quiet neighborhood, away from the busy intersections. Yet, it is well served by major roads such as South Buona Vista Road, Pasir Panjang Road, and is close to Ayer Rajar Expressway (AYE) and West Coast Highway. The site is also within walking distance to the Pasir Panjang MRT station.
Besides its serene setting, the site is in close proximity to National University of Singapore (NUS), Alexandra commercial hubs (i.e. Mapletree Business City), the retail, cultural and entertainment hubs of Holland Village, One-North, Vivocity, Sentosa Integrated Resort and the future Alexandra Retail Centre which will undoubtedly create lots of excitement and buzz in the locality. In addition, it is only a 10-15 minutes drive to Central Business District (CBD).
“A resort style residential development will be ideal for the site, it being just next to Kent Ridge Park, which is linked to Telok Blangah Hill and Mount Faber by the South Ridges (a 9-km trail) offering natural landscape and lush greenery” says Mr Ian Loh, Director & Head, Investment.
Reputable schools in the vicinity include, Anglo Chinese School (Independent), Fairfield Methodist Primary School and Anglo Chinese Junior College.
The reserve price for Vista Park is S$323M. This would translate to a land price of $824psf ppr if inclusive of lease top up of approximately $45.3M based on the potential gross floor area of approximately 446,947 sq ft. With an additional 10% balcony area, the land price could be lowered to S$792 psf ppr based on the potential GFA of about 491,641 sq ft. Breakeven cost is expected to be S$1,250 psf.
The tender will close on 07 Dec 2011 at 3.00pm.
Knight Frank is the sole marketing agent for Vista Park. |