Kai Fook Mansion, within vibrant Tiong Bahru estate has been put up in the collective sale market and is available for sale.
The owners have set the reserve price at S$123 million and base on the price, the land rate works out to around S$2,463 psf ppr.
Huttons Asia has been appointed as their property consultant and oversee the whole collective sale.
The Kim Tian Road property has a tenure of 999-yr leasehold, sits on an area of 15,896 sq ft with a 3.0 gross plot ratio.
The land plot has been marked for residential with commercial at the first storey use and has 49,944 sq ft of total strata area.
The attractive site has the potential to be built into a six-story residential building with 41 units averaging 915 square feet each, as well as 12,500 square feet of potential commercial space.
Subject to planning approval, the commercial space at first storey could house a large hypermarket, co-working spaces or F&B outlets, according to Huttons.
The redevelopment site provides an excellent opportunity for buyer or investor to build a contemporary masterpiece inside the vibrant and nostalgic Tiong Bahru estate, this is according to Terence Lian, the head of investment sales of Huttons Group.
Huttons Group deputy head of investment sales, Angela Lim said that the location is great for residential development and has excellent connectivity due to proximity to Tiong Bahru MRT station.
She added that there will be continuous of strong demand for sale and rental in this popular desirable expatriate enclave.