The collective sale frenzy has caught up with the residents of Jansen Mansion as the property has been launched for collective sale at a reserve price of S$22 million.
The 12-unit property is located in the vicinity of Kovan MRT station. The owners have hired Huttons Asia as the marketing agent for the sale.
A spokesperson of the agency said that the site is ideal for contractors and boutique developers and they are enthusiastic about the prospects of finding a buyer easily.
All the strata owners of Jansen Mansion have agreed to the en bloc sale of the property.
The site which has 857 years of remaining lease tenure from its 999 years encompasses an area of 1,541.5 sq m with 1.4 plot ratio and height ceiling of five storeys.
According to the marketing agent for the sale the site can easily be turned into a 21-unit development with an average size of 100 sq m.
There will be development charge of S$1.14 million for intensifying land use and using the 1.4 plot ratio. The land rate as per the reserve price translates to S$996 psf ppr (per square foot per plot ratio) and would drop down to S$974 psf ppr when the 10% balcony bonus is taken into account.
What may serve as an attraction for the developers is the location which is zoned residential under the 2014 Master Plan with Heartland Mall only a few minutes’ drive from the site.
There are several retail stores, restaurants and super markets close by.
Apart from the KOVAN MRT Station others easily accessible from the site include the Serangoon and Lorong Chuan MRT Stations.
There are several educational institutions in the vicinity that include Hillside World Academy, Zhonghua Primary School, Paya Lebar Methodist Girls’ School, DPS International School and Lycee Francais De Singapour.
The tender for Jansen Mansion close on Aug 2 at 3 PM.