The owners of Phoenix Road low-rise property once again make a second attempt at en bloc sale of their property. Collectively, their asking price is still pegged at S$42 million.
This property consists of low-rise apartments and shops located along Phoenix Road in Bukit Panjang.
At present, the estimated market value of this property per square foot per plot ratio (psf ppr) is at S$621.
Previously, it was set at around S$617 psf ppr during the first tender attempt last November 29, 2018 with a premium differential of S$4, according to Colliers International, its marketing agent.
This Phoenix Road Low-rise Property which located at 2–24 Phoenix Road, consists of 12 shops and 24 apartments (36 units) that are nicely spread over 2 three-storey blocks with a total area of 5,853 sq m.
The leasehold tenure on the said property is 99 years that has started last Jan. 1, 1969.
Each of these 36 units ranges in area from 83 sq m to 91 sq m. Each owner likewise stands to receive an estimated share of S$1 million to S$1.5 million from the gross sale proceeds of the property.
This property is categorized under residential zone with a 1.4 gross plot ratio under the 2019 Draft master Plan of Urban Redevelopment Authority.
If approval is granted, the attractive site could be redeveloped into new development of 80 residential units with 950 sq ft average size.
The buyer will be glad to know that there are 2 stations close to the site namely Phoenix LRT and Bukit Panjang MRT as well as bus interchange.
These stations are only walking distance away.
The important amenities within the vicinity of this property include the Hillion Mall, Bukit Panjang Plaza, and Junction 10.
Several Schools are also located within the vicinity such as the ITE College West, Choa Chu Kang Secondary, and the Pioneer Junior College.
Experts agree on the strategic location of this property. Colliers Research, for example, stated that the area—District 23 of North-West Singapore, where the property is located—has only around 1,831 non-landed residential units.
This is by far low as compared to those of Districts 19 and 20 which have around 8,735 units.
Steven Tan of Colliers International also stated that there are many enquiries about the said property.
Moreover, the property is expected to further attract much interest from prospective buyers.
He also said that a successful sale would surely create a great residential development within that area considering its low supply of private housing units.
On the other hand, Vincent Chia—who heads the collective sale committee of the property—remarked that the owners of the property are eagerly following the news about the en bloc sale of this property.
They are also keenly aware that a collective sale is indeed very challenging.
Chia also said that the owners are sincerely bent on putting their property on tender once again and would readily take the necessary steps on another collective sale agreement.
The said second collective tender will close on July 25th, at 3 pm.