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Wed 28 Nov 2018 – 11:23
A block of flats with commercial stores along Phoenix Road in Bukit Panjang will go on sale Thursday by public tender for $ 42 million Singapore, for the first time that the owners are embarking on a sale in block.
This corresponds to a land rate of $ 617 per square foot and parcel (psf ppr), and to 566 psf Ppr after taking into account the gross floor area of 7% of the balcony. No development costs are payable.
The property is located on a site of 5,853.1 square meters (m²) and includes a row of 36 units comprising 24 apartments and 12 commercial stores spread over two blocks of three floors. The lease has a term of 99 years from 1 January 1969.
The 36 units of the property have sizes between 83 m² and 91 m². Each owner will have a gross proceeds of the sale estimated at between 1.0 million and 1.5 million Singaporean dollars at the successful sale of the property.
As part of the 2014 Town Plan, the site is zoned residential and has a gross parcel ratio of 1.4. Subject to the required approvals, the site can be redeveloped to provide 84 residential units averaging 950 square feet each.
The redevelopment site is located near Phoenix LRT Station, with the Bukit Panjang MRT station and the bus interchange an eight-minute walk away. It is located near the Kranji, Bukit Timah and Pan Island highways, a 20-minute drive from the Tuas checkpoint.
Steven Tan, director of capital markets and investment services at Colliers International (who manages the operation), said: "There is a lot of interest in future development because there have not been many new launches in the region. It is likely to appeal to diverse groups of buyers, including nature lovers, who appreciate the proximity of the site to major transportation hubs, lifestyle facilities and numerous schools. "
The call for tenders for the collective sale will close at 17:00 on 17 January 2019.
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