SINGAPORE: Grand Tower located near Novena MRT station was sold en bloc for S$88.5 million. This reflects a land rate of S$1,376 per square foot per plot ratio based on a plot ratio of 2.958.
Marketing agent for the site Savills said the buyer is 27MR Pte Ltd, a wholly owned subsidiary of boutique developer New Century Real Estate .
New Century Real Estate is also the developer for 8Rodyk condominium.
Grand Tower is a freehold development with a site area of 21,742 sq ft. The site can potentially accommodate a new high rise residential development with a maximum permissible Gross Floor Area of approximately 64,310 sq ft.
The site can potentially be redeveloped into a residential development comprising more than 70 apartments averaging 800 sq ft each.
More details at http://www.channelnewsasia.com
Source : MediaCorp Pte Ltd
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