Mar Thoma Mansions En Bloc Sale 2024 – 999-year Leasehold
Mar Thoma Mansions, a distinguished 999-year leasehold condominium situated along Mar Thoma Road in Bendemeer, has officially been launched for collective sale.
Priced at an indicative S$54.7 million, the sale is managed by ERA Realty Network.
This valuation pegs the land cost at approximately $1,455 per square foot per plot ratio (psf ppr), inclusive of a 7% bonus gross floor area dedicated for balconies.
This notable sale demands an additional estimated land betterment charge of $2.438 million, adding a layer of investment for potential developers.
Constructed in 1995, Mar Thoma Mansions currently comprises a 10-storey block with just 18 units nestled on a 13,107 sq ft site.
The Master Plan 2019 designates the site with a plot ratio of 2.8, allowing for a maximum permissible gross floor area of 36,699 sq ft.
Mar Thoma Mansions Site Redevelopment and Nearby Amenities
ERA’s projections suggest the possibility of redeveloping the site into a new 40-unit condominium, averaging 914 sq ft per unit, pending relevant approvals.
“This is a unique opportunity for developers looking for boutique redevelopment sites,” commented Tay Liam Hiap, ERA Singapore’s Managing Director of Investment Sales.
The locale’s appeal is enhanced by its proximity to esteemed educational institutions such as St Andrew’s Junior School, Bendemeer Primary School, and Hong Wen School, and lifestyle amenities including the Kallang River, neighbourhood parks, Woodleigh Mall, and City Square Mall.
Strata unit holders at Mar Thoma Mansions could see substantial returns, with gross proceeds ranging from $3 million to $3.077 million each if the sale concludes successfully.
The tender for this coveted Bendemeer property is slated to close on June 24, marking a significant opportunity in the city’s bustling real estate landscape.
Most En Bloc Owners Would Like To Know:
What Happen If Developer Bid Below the Reserve Price (See En Bloc Sale Process)