East Court, the eight-apartment residential property located in District 15’s Koon Seng Road was launched for collective sale on 10th September with reserve price of $19 million.
This was revealed by OrangeTee & Tie the marketing agent for the collective sale.
As per the reserve price the land rates translate to $1,028 psf ppr which is inclusive of the development charges. The freehold property was built back in 1986 and occupies 13,351 sq ft estate.
This has been zoned for residential use as per the 2014 Master Pan and has 1.4 gross plot ratio.
The property is primly located close to the upcoming Marine Parade and Eunos MRT stations. There are several educational institutions in the vicinity including Tanjong Katong’s Canadian International School, Etonhouse International School, Haig Girls’ School, Chatsworth International School Tanjong Katong Primary School and the Tao Nan School.
The freehold site is also short drive to upcoming Paya Lebar Central (PLC). It will become a bustling commercial centre which might attract buyer to this site.
A spokesperson for OrangeTee & Tie said that all the owners in the condo have given their 100 % consent for the en bloc sale and developer that picks up this property shall have immediate rights to redevelopment considering the fact that no approval needs to be obtained from Strata Titles Board.
East Court’s tender shall close on 26th of October.