And another piece of land was sold. The parcel where The Parisian was formerly sitting has been sold for S$283M.
The deal was brokered by CB Richard Ellis and was sold to China Sonangol Land, part of China Sonangol international holding company in Hong Kong.
Oversesa Union Enterprise (OUE) formerly bought the site through a collective sale for S$228.1M in December 06, which netted them S$54.9M for over 2 years. With this sale, the net tangible assets per share has risen for FY 2008.
CBRE said the purchase price of S$283 million will translate to about S$2,058 per square foot per plot ratio (psf ppr), with break even price estimated at S$2,500 to $2,600 psf. The future selling price could be around $3,500 psf depending on the launch date.
With a plot ratio of 2.8, the site could be built up to 36-storey of 52 three and four-bedroom units and two penthouses.