Vista Park put up for collective sale again

Vista Park at South Buona Vista Road is back on the market. This time the asking price for the collective sale site is the $323 million reserve price set by the majority owners - lower than the $338 million asking price when the leasehold site was put on the market in May.
 
Vista Park is on a sprawling 319,248 square foot site with a remaining lease term of about 66 years.
The $323 million reserve price would translate to a land price of $824 per square foot per plot ratio inclusive of an estimated $45.3 million payable for topping up the site's lease to 99 years.
 
This calculation is based on a maximum gross floor area of 446,947 square feet, reflecting a 1.4 gross plot ratio as stipulated for the site under Master Plan 2008.
 
No development charge is payable as the site has a high historical safeguarded development baseline.
The unit land price based on the $323 million reserve price could be lowered to $792 psf ppr if the developer builds an additional 10 per cent gross floor area allowed for balcony area, which would take the potential gross floor area to 491,641 sq ft.
 
The breakeven cost for a new project is expected to be $1,250 psf.
 
Source: Business Times – 10 November 2011