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News Release

Rare opportunity to purchase 2 Prime Freehold Residential Redevelopment Sites At Balestier 


Collective Sale by Tender closing on 1 March (Thursday) 2012 at 3pm

 
SINGAPORE, 31 JANUARY 2012 – Sole Marketing Agent Jones Lang LaSalle is presenting for collective sale by tender, 2 prime freehold residential redevelopment sites at Balestier. The Sites are located along 2 to 16 (even only) Kim Keat Lane, 1 to 19, 21 and 23 Kim Keat Close, off Balestier Road and accessible from Kim Keat Road. Both plots of land are zoned ‘Residential’ with a gross plot ratio of 2.8 and an allowable building height of up to 36 storeys. Interested parties are invited to submit bids for either or both plots of land.
 
The first parcel (Parcel A) has the potential to be amalgamated with an adjoining state land of approximately 133.7 sqm and could potentially yield a residential development with a total gross floor area of 6,889 sqm / 74,151 sq ft, yielding some 88 units of an average size of 800 sq ft, subject to approval from the relevant authorities and payment of development charge and land premium, if any.
 
The second parcel (Parcel B) has the potential to be amalgamated with an adjoining state land of approximately 263.1 sqm to be redeveloped into a residential development with a total potential gross floor area of 8,378 sqm / 90,179 sq. This could potentially yield some 107 units of an average size of 800 sq ft, subject to approval from the relevant authorities and payment of development charge and land premium, if any.
 
Currently, there are 76 strata apartments and 8 commercial units located in four 3-storey walk up blocks located on the Sites. Over 80% of the owners have consented to the sale. The Sites are located in close proximity to the premier Orchard Road shopping belt with numerous MRT stations such as Toa Payoh MRT Station, Novena MRT Station and Boon Keng MRT Station in the near vicinity. Accessibility is further enhanced by the Central Expressway (CTE) and Pan Island Expressway (PIE).
 
Ms Stella Hoh, National Director and Head of Investments at Jones Lang LaSalle, comments “The subject sites offer potential developers an opportunity to acquire two prime plots of land in the city fringe area. Potential developers have the flexibility to submit bids for either or both parcels of land. The sites are conveniently located near numerous MRT stations and major expressways and a short drive to Orchard Road and good response is anticipated for the tender.”
 
The indicative price is in the region of $68 million (or approximately $940 per sq ft per plot ratio) for Parcel A and $81 million (or approximately $940 per sq ft per plot ratio) for Parcel B, subject to the tender process. This is inclusive of approximately $795,000 of development charge and $4.45 million of land premium. The tender will close at 3pm on 1 March (Thursday) 2012.
 

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About Jones Lang LaSalle

 
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than USD 2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with USD 47.9 billion of assets under management.

Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 20,800 employees operating in 77 offices in 13 countries across the region. The firm was named the Best Property Consultancy in Asia Pacific at 'The Asia Pacific Property Awards 2011 in association with Bloomberg Television'. For further information, please visit our website, www.ap.joneslanglasalle.com

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