Far East Organisation bought a Good Class Bungalow (GCB) on a freehold site of over 39,000 square feet at 16 King Albert Park.
Far East is paying S$43.8 million for 16 King Albert Park, translating to S$1,117 per square foot (psf) based on the freehold land area of 39,228 sq ft. The group’s existing four plots add up to 69,803 sq ft.
Based on the total land area of 109,031 sq ft, up to seven bungalows may be developed based on the minimum plot size of 15,070 sq ft per bungalow in Good Class Bungalow Areas.
The plan is to redeveloping the enlarged site of over 100,000 sq ft into several bungalows which the group will hold as an investment property for rental income.