Reserve Price Unchanged, Owners Stick to Their Favourite Numbers
OrangeTee Advisory, property consultant of Siglap Shopping Centre, decided that it is the best time to relaunch for en bloc sale as aggressive tenders for government land sites are emerging.
The east coast road freehold property first launches their tender at the end of October last year 2020, the asking price was set at S$120 million.
Base on the price tag and includes 7% bonus residential (GFA) gross floor area for private outdoor spaces, the land rate arrived at S$1,235 psf ppr.
Submitted bids made in the last tender cycle did not reach the agreed reserve price, according to an OrangeTee Advisory spokesman.
The agent declines to reveal on how many offers were received and from whom, as well as the range of values that were proposed.
Completed in the 1980s, the three-storey mixed-use development includes 8 residential units and 8 ground-floor commercial units with an adjacent state land plot measuring around 5,005 square feet (sq ft) which, subject to the approval of the relevant authorities, may be merged with the area to form a larger plot of around 44,640 sq ft.
The freehold land is designated for (Mixed-use) commercial and residential under the URA Master Plan 2019 and has a gross plot ratio (GPR) of 3.0.
This commercial building’s maximum permitted height is four storeys.