Large Freehold Condo Site Off Sims Avenue Sold at $158 Million
It may even be the largest freehold residential site sold since two years ago.
Credo has successfully brokered a piece of land size of 207,000sqft through private treaty off Sims Avenue (towards the end of Jalan Senang and Lengkong Tujuh) to Hoi Hup & Sunway Group of Malaysia at $158 Million dollars.
That works out to be $445 per square feet per plot ratio (psf ppr) of potential gross floor area and development charge payable to the Government.
This will be upcoming an upcoming condominium site comprising of 400 to 500 units of apartments, of mostly 2 and 2+study bedroom type, a spokesman from Hoi Hup mentioned.
The site has a plot ratio of 2.1 and a maximum of 12-storey height according to MP2008.
According to Mr. Kramjit Singh, Managing Director of Credo, the break even price would be 800-psf, and they would be expecting to sell at 900-psf on average.