Mountbatten Road comprising a cluster of 8 semi-detached houses was
acquired for $42m or S$633 psf ppr inclusive of development charge by Lian
Beng. With a plot ratio of 1.4 giving 66,400 sqf GFA, the site could be developed
into a 60 unit condominium averaging 1,100 sqf each with selling prices around
S$1100 psf according to Cushman and Wakefield. We believe that it should be
possible to achieve given the renewed focus in districts 15 and 16. We expect
more collective sales in district 15 and 16 in the next few months.
This is positive news for Ho Bee that acquiried the Dakota Crescent in the
Mountbatten Road area fronting Geylang River together with NTUC Choice
Homes earlier $524 psf per plot ratio for a 99-year leasehold condo plot. Ho Bee
estimates the break-even cost for a new condo on the Dakota Crescent site will
be about $850 psf and that it could sell for about $1,000 to $1,100 psf on
average which should be possible to achieve as it is an even more prime site.
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