SINGAPORE: Residents of Kismis View, situated along Lorong Kismis in the Upper Bukit Timah area, has put up the development for collective sale, marketing agent JLL announced in a news release on Wednesday (Nov 22).
The owners of the 99-year leasehold site are asking for a minimum price of S$102 million, said JLL.
Built in the early 1980s, Kismis View has 64 years left on its lease.
It comprises 43 units in two four-storey and seven-story apartment blocks.
Under the 2014 Master Plan, the 90,863 sq ft-site is zoned as residential and has a gross plot ratio of 1.4.
It may be redeveloped into a low-rise apartment development of up to five storeys, with a total gross floor area of about 139,929 sq ft including a 10 per cent bonus balcony area, said JLL.
A maximum of 168 units would be allowed based on a minimum average size control of 70 sq m.
The agent added that at the minimum price and with an estimated differential premium of about S$23 million, Kismis View’s land cost is about S$983 per sq ft per plot ratio.
"This compared favourably with some nearby land sales such as the government land sale site at Toh Tuck Road earlier this year, the predominantly residential mixed-use Goh & Goh Building site and the most recent Mayfair Gardens," said JLL.
The tender for Kismis View closes on Jan 17 next year at 2.30pm.