Pine Tree Condominium situated close to the peak of Balmoral Park has joined the en bloc fray with a reserve price of $148 million, reported SLP Scotia.
The 50 unit development is located on a 3,842.50 sqm (approximately 41,276.14 sq ft), which is zoned residential under the 2014 Masterplan with a ratio of 1.6 per plot.
According to the URA record, the freehold property has a recent development baseline of about 6,978.42 sqm (75, 115, 71 sq ft). This shows that no development charge is payable for the site.
In regards to the reserve price, every owner will receive about $2.57 million to $4.09 million from the successful sale of the property.
SLP Scotia claimed that the site could be developed into a 12 storey project which contains 75 apartments with an average size of 70 sqm.
PROPERTY NEWS UPDATE: Parc Esta Condo showroom to be opened end 2018 / early 2019
Apart from the natural elevation benefit, the freehold condo is close to Ardmore Park and many notable schools like Singapore Chinese Girls School and Anglo-Chinese School (Barker Road).
The location is connected by major highways and roads such as the Central Expressway, Stevens Road, Pan-island Expressway and Scotts Road. Also, it is close to Steven MRT Interchange Station.