TEE Land is buying a small strata development comprising six townhouses along Seraya Crescent off Upper Thomson Road through a collective sale at S$25.74 million, which is named as Lattice One.
The price for the 24,069.16 sq ft freehold site works out to about S$931 per square foot per plot ratio inclusive of an estimated S$5.65 million development charge, said William Gan, founder of William Gan Realty, who brokered the deal.
Lattice One, located at 1, 1A, 1B, 1C, 1D and 1E Seraya Crescent, the property is near the Central Catchment Nature Reserve. Under the Urban Redevelopment Authority’s Master Plan 2014, the site is zoned for residential use with 1.4 plot ratio (ratio of maximum gross floor area to land area).
As unanimous approval from the owners has been obtained, the deal will not be subject to approval by the Strata Titles Board, Mr Gan noted.
The townhouse project on site is more than 30 years old.
The site can be redeveloped into a low-rise apartment project with up to 31 units with an average size of 100 sq metres (1,076.39 sq ft) gross floor area.
Owners of the townhouses will receive sums of between S$4.2 million and S$4.3 million per unit depending on the the strata area of their property. The collective sale was marketed through a tender exercise that closed on Sept 15.