The Peak Court is one of a kind freehold situated in Thomson Road and is successfully launched for collective sale tender with a querying price of about $106 million.
Reputable Edmund Tie & Company’s marketing agent stated in a report that the District 11 condo development with 20 elegant maisonette units could be redeveloped into “a fabulous resort-like upscale boutique condo development with approximately 106 units.” If the experts authorize, the site can as well be developed into a 5-storey overhauled apartment development or a healthcare project.
The 57,350 square feet is situated neighboring Novena MRT Station and education institutions such as CHIJ Primary School at Toa Payoh, Anglo-Chinese Primary School and the Pan Island Expressway (PIE).
With about 1.4 gross plot ratio (GPR), the querying price converts to $1,398 land rate psf ppr (per sq. ft. per plot ratio) or about $1,342 per square feet on the top possible GFA (gross floor area), comprising the 10% bonus balcony area.
“The location presents resilience for developers with the option of providing young families who hope to be nearby to schools, or emigrants as well as working adults who wants to be nearby to the Central Business District (CBD) and the upcoming health hub,” as stated by the Edmund Tie & Co’s respected senior director for investment advisory, Mr. Tan Chun Ming.
The reality that 100% of the proprietors have agreed to the sale as well as offers positive assurance in the end of the deal, he mentioned.
The site’s tender exercise will end on May 9.