Owners of St. Michael’s condo, a 60-unit freehold property off Serangoon Road, are asking for a minimum of S$112 million in a collective sale of their units.
Teakhwa Real Estate, the appointed marketing agent, said the public tender whose launch was to take place on Tuesday, the 24th would close on the afternoon of May 23, 2018.
The St. Michael’s condominium was built in 2002, and if the sale goes through as expected, individual unit owners will take home amounts ranging from S$1.38m – S$2m.
The site whose size is 35,665.4 sq ft has a plot ratio of 2.8 and the permitted development height on the site is 36 storeys.
However, with a 10% balcony area, the site would have a plot ratio of 3.08, hence resulting to a land rate of S$1,072.1 psf ppr.
If the new developer maximizes the use of the site to the extent of 99,863.2 sq ft gross floor area (GFA) and makes the new units 753 sq ft in average size, the piece of land could hold 132 apartments, which is more than double the current number of units.
To make this kind of redevelopment, the new owner would need to get approval from the relevant authorities.
According to Sieow Teak Hwa, who is Teakhwa’s managing director, redevelopment of the site will not attract any development charges as the area’s development baseline is already high.
He also noted that the site, being within a superb central location and its land rate being fairly reasonable, is bound to draw great interest from serious developers.
The site is also attractive because it has two MRT stations within a kilometre range and one slightly more than a kilometre away.
There are also good schools within a kilometre range, and the property is just a couple of minutes’ drive from the business hub.