Boutique developer buys Kim Keat site for $36m

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Boutique developer buys Kim Keat site for $36m

6 July 2010 No Comment

From the earlier article on sale of Colorscan building at 21 Kim Keat Road, it has been successfully acquired by a boutique developer BS Capital for just over $36 million or $670 per square foot of potential gross floor area, including an estimated development charge of almost $25 million.

Looking at the recent transactions of the residential aparment, D Lotus which is located just across the road Ampas Road, the prices have been pretty good at more than $1100 psf for relatively small units. Unsurprisingly, the successful buyer BS Capital is also looking at small units in the new development, ranign from 400 to 700 sf per unit. And the prices are rather aggressive at $1300 to $1400.

I look forward to seeing the design residential development proposal for this piece of L shaped plot of land. With many new projects coming up such as residential and commercial/hotel development, Balestier is definitely getting more exciting and rejuvenated.

Boutique developer buys Kim Keat site for $36m

Published July 6, 2010

By KALPANA RASHIWALA

BOUTIQUE developer BS Capital has bought a freehold site at Kim Keat Road-Lorong Ampas for just over $36 million or $670 per square foot of potential gross floor area, including an estimated development charge of almost $25 million.

The Colourscan building now stands on the 32,544 sq ft site, but the Urban Redevelopment Authority has approved rezoning from Business 1 to residential use with 2.8 plot ratio – the ratio of maximum potential gross floor area to land area.

BS Capital plans to develop a 20-storey project with about 160 apartments – mostly studios, and one and two-bedders – ranging from about 400 to 700 sq ft per unit.

There will also be some four and five-bedroom penthouses, said the company’s chief executive, Chin Teck Chuan.

The plan is to launch the proposed District 12 residential project within six months.

‘We’re targeting an average price of about $1,300-1,400 psf,’ Mr Chin told BT yesterday.

The property was sold by Colourscan in a deal brokered by Colliers International.

Balestier has been gradually transformed into a vibrant and modern area, with a number of new residential projects and a commercial development slated to be completed in the next few years, said Colliers executive director of investment sales Ho Eng Joo.

In April, BT reported that the freehold Diamond Tower in Jalan Rajah, also in the Balestier area and District 12, was sold for $49.6 million or $652 psf per plot ratio including DC through a collective sale.

The Diamond Tower site is 27,323 sq ft and is zoned for residential use with 2.8 plot ratio.

Buyer EL Development plans to redevelop the site into a new apartment block with about 100 units comprising one, two and three-bedroom units.

BS Capital also developed The Lumiere off Shenton Way.

It plans to release for sale soon the final 55 apartments, which are on the 34th floor and above.

‘Most of the units will be priced at $2,500 psf or more,’ Mr Chin said.

The 99-year leasehold project, which is 45 storeys high, has ground floor retail space and 168 apartments.

The development is expected to receive Temporary Occupation Permit next month.