The owners of Cheng Hoe House which comprises of 8 freehold townhouses have launched it for en bloc sale.
Teakhwa Real Estate the marketing agency for the sale informed that the owners have set a reserve price of S$28 million.
Going by this reserve price the land rate would translate into S$1,082.90 psf ppr which also takes into account S$6.1 million of development charge.
According to the marketer the land rate would reduce to S$1,052.50 when the 10% balcony bonus is account for.
The residential site that encompasses an area of 22,484.9 sq ft has 1.4 plot ratio with maximum allowable height restricted to 5 storeys.
Teakhwa Real Estate added that this site could easily yield 29 apartment units upon redevelopment with 1,076 sq ft average size subject to getting necessary approvals from the authorities concerned.
Located along 10 Kovan Road, the freehold site mostly has low-rise buildings and landed properties and a short distance from Heartland Mall, Kovan City and the Kovan MRT Station. Paya Lebar Methodist Primary School as well as the Rosyth School is also within 2 km radius.
Teakhwa Real Estate’s MD Sieow Teak Hwa said that developers would be attracted towards this freehold estate as it would be an easy sell to first time home owners and owner-occupiers.
Cheng Hoe House’s tender will close on 19th of September at 2:00 PM.