Fragrance Court On En Bloc Sale
On Wednesday, CBRE; the sole and exclusive marketing agent of Fragrance Court at Pasir Panjang, has announced that the residential development that is valued at about S$1,235 per square foot per plot ratio has been put up for collective sale at a reserve price of S$70million.
It was noted that the Fragrance Court owners who represented more than the requisite 80 per cent of share value and strata area have consented to the collective sale. Should developers decide to build the additional 10 percent balcony space, a payable development charge of S$2.7million will be incurred.
Located close to Pasir Panjang MRT Station, the freehold site zoned for residential development occupies an approximate area of 38,220 square feet with a plot ratio of 1.4 under the Master Plan 2014. The 32 unit Fragrance Court development is a short drive away from the Central Business District Area (CBD), MapleTree Business City and the Resorts World Sentosa.
Director of Investment Properties at CBRE, Mr Galven Tan explained that the sale would be enticing to developers as the neighbourhood would enjoy benefits from the future Greater Southern Waterfront City which would comprise of roughly 1,000 hectares of land freed up for development as planned by URA.
In August 2014, Bijou; a neighbouring project, has achieved an average sale price of S$2,120 per sq ft. Mr Tan added that he was optimistic the sale will draw interest considering the manageable development land size of Fragrance Court.
The tender is set to close at 3pm on 19 Nov.
(Adapted from Business Times 23 October 2014)