Soilbuild Group acquires Kemaman Point via en bloc for $143.88 million

Posted by edison_foo on June 19, 2018
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According to reports, Soilbuild Group Holdings has snapped up a freehold development in Balestier, Kemaman Point with a bid price of S$143.88 million (or S$1,173 psf ppr) via collective sale.

It comprises of 89 residential units in total and it was mentioned that each homeowner at Kemaman Point will receive a gross sale proceed between the range of S$1.4 million to S$2.32 million.

Kemaman Point En Bloc

The Kemaman Point en bloc site has a total land area of around 43,825 square feet and a 2.8 plot ratio – which translate to a gross floor area (or GFA) of approximately 122,711 square feet and.

Including a 10% bonus balcony space and a proposed GFA of 3.8, the land price will work out to be around S$1,111 psf ppr – with the additional development charge about S$6.1 million.

It was also noted by marketing agent for the Kemaman Point en bloc, Knight Frank that the future new launch at Balestier will be a high-rise development – offering residents unblock views of the surroundings.

Knight Frank added that this new project will attract interest from potential property buyers, given that there’s has been a rejuvenation of buying activities in the Balestier precinct – as seen in recently completed projects VIIO at Balestier, Neem Tree and City Suites, as well as the limited number of new private homes for sale in this precinct.

Soilbuild Group acquires Kemaman Point via en bloc for $143.88 million
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