Along Mount Emily Road, a residential property with freehold status in prime district 9 has launched for en bloc sale, owners have set the reserve price at S$24 million.
This was announced by Edmund Tie & Company, the appointed marketing agent for the sale.
The freehold property comprises adjoining units of 3 storey buildings which comes with basement and attic.
The residential site covers an area of 5548.7 square feet or 515.5 square metres with an existing gross floor area of 1,499.3 sq m or 16,138.3 sq ft.
Base on the reserve price, the land rate arrives at S$1,485 psf ppr. Since all owners have agreed and sign up for the collective sale, there is no need for STB approval.
According to URA Master Plan 2019, the freehold site is zoned for “residential use” and has a plot ratio of 2.1.
The executive director of investment advisory at real estate firm Edmund Tie & Co, Swee Shou Fern said that the freehold site offers a great opportunity for buyer to transform a “prime property into a new boutique residential development”.
She further added that the potential buyer has the option of keeping the freehold property as a single residential block for co-living residences, this is of course subject to planning approval.
Co-living spaces has been gaining popularity among expatriates and millennials. Since its popularity has risen in recent years, the demands are high for such spaces.
The public tender exercise for Mount Emily Road freehold property will close on Aug 11 at 3 pm.