Melissa Tan | The Straits Times | Saturday, Apr 27, 2013

SINGAPORE – A 55-unit freehold condominium along Guillemard Road was put up for collective sale on Thursday.

The Versailles sits on a plot of about 53,073 sq ft and was built in the early 1990s.

Its owners are expecting offers ranging from $105 million to $110 million, which translates into about $1,088 psf to $1,133 psf per plot ratio (ppr). This includes the development charge.

This is the first time the owners are trying to sell the property en bloc, said sole marketing agent Jones Lang LaSalle (JLL) Singapore in a statement on Thursday.

The four-storey development could be redeveloped into a condo of up to 24 storeys, subject to approval, and yield up to 148 units.

JLL’s national director of investments Yong Choon Fah said a new project on the site would likely be popular among owner-occupiers and investors.

She cited the upcoming Paya Lebar Central commercial hub and a lack of supply of new residential projects in the vicinity.

Paya Lebar Central is one of the three commercial hubs selected to provide alternative locations for businesses and to bring jobs closer to homes as part of the Urban Redevelopment Authority’s decentralisation strategy.

The other two are Jurong Lake District and Kallang Riverside.

About 12ha of land around Sims Avenue has been set aside for Paya Lebar Central, which will consist of offices, hotels, retail and public spaces.

The “sold out” launches of nearby commercial projects Paya Lebar Square and One KM, which are both under construction, have also created hype in the area, Ms Yong said.

As required, more than 80 per cent of Versailles’ owners by share value and strata floor area have consented to the collective sale. The tender closes on May 30.

melissat@sph.com.sg


Get a copy of The Straits Times or go to straitstimes.com for more stories.

– See more at: http://business.asiaone.com/news/property/guillemard-road-condo-collective-sale#sthash.3MnJmk8j.dpuf