Following the successful sale of Phoenix Heights at Bukit Panjang in August 2018, the owners of a row of apartments with commercial shops, in the same area, have come together for collective sale.
Partnering with Marketing Agent, Colliers International, tender has been launched at S$42 million, attempting for the first time.
Similar to Phoenix Heights, this 99-year leasehold development was built in 1969.
The price tag corresponds to a land rate of S$617 psf ppr; excluding the 7% bonus balcony GFA, it would correspond to a land rate of S$566 psf ppr.
A total of 36 units comprising 24 apartments and 12 shops built in the fashion of two three-storey blocks snugly sits on the 5,853.1 sq m site.
With property sizes ranging from 83 sq m and 91 sq m, the owners are likely to yield between S$1.0 million to S$1.5 million, as agreed and apportioned.
Commuting from the site to other parts of the island is quite comfortable with the Phoenix LRT station literally at the next door.
With the Bukit Panjang MRT station and bus interchange within walking distances, it is also well connected through arterial thoroughfares and expressways.
The Tuas Second Link to Johor, Malaysia could be reached within 20 minutes drive from the site.
Steven Tan, Director of Capital Markets & Investment Services at Colliers International believes that the property could be redeveloped into a trendy and sophisticated boutique apartment.
The setting of the property is quite unusual with a rich mix of lifestyle amenities, educational institutions, good transportation facilities and natural reserves around.
This property is zoned residential with a gross plot ratio of 1.4 under Master Plan 2014.
With due approval, it has great potential to be redeveloped into 84 apartments with an average size of 950 sf approx. attracting lovers of nature.
The owners too are banking on the advantageous site location and the collective sale expertise of Marketing Agent, Colliers International despite the ageing building and post July market conditions.
The collective sale tender closes at 3pm on Jan 17, 2019.