It Was SOLD Above the Owners Asking Price
Properties @ 2–24 Phoenix Road which located in district 23 near Bukit Panjang has finally found a buyer and SOLD en bloc for $42.6 million.
This was announced by Colliers International on July 29 Monday, the marketing agent of the sale.
The en bloc properties was SOLD above the owners asking Price of $42 million and base on the sale price, it works out to a land rate of $630 psf ppr after adding the estimated differential premium payable.
This was the owners 2nd collective sale attempt, the first launch was in November last year 2018 which tender close on Jan 17, 2019.
The en bloc site did not attract any bidder at that time and without giving up, the collective sale was relaunched again in June this year.
Luck has finally found their way and a buyer was found.
CNQC Realty (Treasure), a unit part of Qingjian Realty was the buyer that acquired the properties.
Upon successful completion of the sale and depending on the size of the unit, each happy owner will stand to receive around of $1.08 million to $1.44 million.
This is the second en bloc sold in month of July after Sophia View, a small condominium in District 9 was picked up by a investor.
It became the first residential en bloc property sold in Singapore 2019. The sale price was unknown but owner will get about $2 million each.
The combine properties cover a land area of 63,002 square feet which located at 2/A-B to 24/A-B Phoenix Road in District 23 Singapore.
It comprises of 12 commercial shops 24 apartments unit that spread over two three-storey blocks and has a 99-year leasehold tenure. The lease of the property started from Jan 1, 1969.
According to URA Draft Master Plan 2019, the site is zoned for residential use with a gross plot ratio of 1.4.
The site could be redeveloped to around 80 residential units with 950 sq ft average size upon receiving approval from the authority.
The Sold property is conveniently located close to Phoenix LRT station with Bukit Panjang MRT station just 8 mins walk away.
Lots of Amenities that are found within the area are Junction 10, Bukit Panjang Plaza and Hillion Mall and schools like Pioneer Junior College, Choa Chu Kang Secondary, ITE College West are also in the area.
These amenities make the site very attractive and appealing to any investors.
Mr Steven Tan, director of capital markets and investment services at Colliers International said that due to limited upcoming supply of private homes in the area, the location presents “good opportunities” for residential development.
The chairman of the collective sale committee, Mr Vincent Chia concluded that they are very pleased of the collective sale result and glad that their ageing properties can now be redeveloped into a new project that will have a brand-new modern look.