Ravi Chandran
Kemaman Point a freehold property off Balestier Road was launched for collective sale on Monday (7 May) with a reserve price of $143.8 million, said marketing agent Knight Frank Singapore. Kemaman Point is a a private residential estate comprising one residential block of 89 apartment units. With a site area of 4,071.5 sq m (approx. 43,825 sq ft), the land is regular and enjoys a wide frontage of 92 metres from Jalan Kemaman.
Under the 2014 Master Plan, the site is zoned “Residential” with a Gross Plot Ratio (GPR) of 2.8 and can yield about 122,710 sq ft of gross floor area upon redevelopment. Based on the potential GFA and assuming the average size of 70 sq m, there is a potential for 162 new residential units upon redevelopment.
In terms of accessibility, the location is well-served by major arterial roads as well as expressways such as the Pan-Island Expressway (PIE), Central Expressway (CTE) and Balestier Road which provide seamless connectivity to other parts of Singapore. The site is 12 minutes’ drive to the Central Business District and 10 minutes’ drive away from the shopping and entertainment strip of Orchard Road. The site is also located along the Central Urban Loop (Whampoa Park Connector), an islandwide network which links up parks and nature sites.
The reserve price for the freehold property off Balestier Road is S$143.8 million and that translates to a land rate of $1,180 psf ppr, inclusive of a development charge of approximately S$958,000. The tender for Kemaman Point will close on 12 June 2018, Tuesday at 3.00 pm.
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“Kemaman Point is off Balestier Road, which has been rejuvenated by the influx of renowned F&B outlets and cafes. The area has quickly become a food haven that attracts foodies across generations. The new development built on site will also be able to enjoy unblocked views towards Jalan Kemaman, over the low-rise landed houses,” said Mr Ian Loh, Executive Director & Head of Investment and Capital Markets for Knight Frank Singapore.
He added: “There also isn’t much impending supply in the Balestier area through land sales and collective sales. Hence new launches in the area are likely to be sought after due to the limited supply as well as the lifestyle that the area provides.”
Kemaman Point is just around the corner from Balestier Road, and right within the neighborhood of those famed Balestier eateries. It’s just a few minutes from the CBD, and even fewer minutes from several shopping centres, restaurants, medical facilities, schools, transportation stations, and other essentials.
The site is right in a very well-networked area of the Island, ensuring hassle-free connectivity. To begin with, it’s just a short walk from Novena Station or Toa Payoh Station, which are both on the North-South Line. One stop away from Novena is Newton, which links up with the Downtown Line. Three more stops down is Dhoby Ghaut, which is an interchange on the North-South, North-East and Circle Lines.
On those days you’d prefer to drive, you can take the PIE or the CTE. You can also drive via Balestier, Thomson, Moulmein, Bukit Timah or Dunearn Roads.
Dotting the area are a plethora of eateries, from swank restarants to cute cafes to local hawker places. Whatever you crave – fast food, rice meals, baked goods, street food – you’ll have a good chance of finding it just within a few minutes from home.
Balestier Plaza is just a comfortable walk away from Kemaman Point. Also nearby are United Square, Balestier Point, Novena Square, Square 2, and Balestier Hill. If you want even more choices, you can drive to City Square Mall, Mustafa Centre, Tekka Centre, or Orchard Road in about 10 minutes.
Among the numerous educational centres are CHIJ, Balestier Hill, Hong Wen, Anglo-Chinese School, St. Joseph’s Institution Junior, Bendemeer Secondary, Global Indian International School and Catholic Junior College.
Health City Novena will be just a skip away. Also within the area are Mount Elizabeth Novena Hospital, Tan Tock Seng Hospital, Ren Ci, Thomson Medical Centre, KK Women and Children’s Hospital, and Mount Alvernia Hospital.
Also within the neighbourhood isToa Payoh Town Park, Toa Payoh Stadium, SAFRA Toa Payoh, Toa Payoh Golf Range, Singapore Polo Club, or the other sports or recreational facilities.
Most importantly, as Kemaman Point is a freehold property off Balestier Road, buyers will pay a premium for it because they can be pass it down to several generations. They can also rent out such a property and get good returns on their investment.
The collective sale attempt of the freehold property off Balestier Road rides on llast year’s en bloc revival which saw 28 residential sites and three commercial or industrial sites sold for a total of S$8.73 b. There are however several other collective sale sites launched since December that have not concluded after their tenders closed.
The Land Titles (Strata) Act requires buildings such as the freehold property off Balestier Road to obtain 80 per cent consent from owners before allowing the collective sale to go through.
There are, however, several other collective sale sites launched since December last year that have not concluded after their tenders closed. The owners of these sites may enter into a private treaty contract with a buyer within 10 weeks from the close of the public tender. Pearlbank Apartments, one such site launched late last year, was sold to Capitaland for S$728 million through a private treaty.
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