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SG Versailles condo up for collective sale

Property Here - Thursday, April 25, 2013

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By Nikki De Guzman:

The freehold Versailles (pictured), a 55-unit residential development has been launched for collective sale, according to Jones Lang LaSalle (JLL).

Located near the Paya Lebar and Dakota MRT stations, the property has a land area of around 53,073 sq ft and potential gross floor area of about 122,598 sq ft.

Zoned residential, the site could yield 148 units of various sizes. It also offers easy access to the CBD, Orchard Road and Changi Airport.  

“This is a rare freehold condominium redevelopment site that is located within walking distance to Paya Lebar Central,” said Yong Choon Fah, National Director of Investments at Jones Lang LaSalle. “[It] should also appeal to families with school-going children due to its proximity to popular schools.” 

“The locale of Paya Lebar and Guillemard Road is set to see rapid transformation with the actualization of Paya Lebar Central, the eventual redevelopment of the Guillemard camp site and the potential redevelopment of the Police Logistics Department (Police Logistics Base),” Yong added.

80 percent of its owners have consented to the sale, and they expect offers to range between S$105 million and S$110 million, or around S$1,088 to S$1,133 psf inclusive of the development charge.

The tender for the site will close on 30 May.

 

Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg