The en bloc sale craze has arrived in Upper Serangoon Road as the Choon Kim House owners put their property up for en bloc sale. This four-storey freehold property that has an attic is price at S$55 million. This was announced by JLL, marketing agent for this property on April 18.
The site is ready for mixed-use development and spread over 14,988 square feet with 3.0 gross plot ratio with the location having been zoned for residential and commercial use.
Going by the asking rate the buyers would have to pay minimum of S$1,287 psf ppr which would further come down to S$1,257 if the 10% balcony bonus is accounted for.
This land rate takes into account S$4.9 million that the buyers would have to pay as development charges based on current estimates.
According to JLL’s spokesperson Choon Kim House holds great potential for future homebuyers as they would be able to invest in a freehold property and that too in the heart of the city.
The existing property stands on 780 Upper Serangoon Road and was finished at the dawn of the new millennia and presently has 10 residential apartments, 20 commercial shops and basement car park with 19 lots.
The spokesperson added that the site can be redeveloped into a property of 47,661 sq ft that would include the 10% balcony bonus available to the developers. Maintaining a 60:40 mix between residential and commercial units the site has potential for 35 residential units and 22 commercial components.
What adds to Choon Kim House’s advantage is its close proximity to Serangoon MRT Interchange (Circle line & Northeast Line) and Bus Interchange.
The freehold property is also easily accessible by the KPE and Central Expressway. Also in the vicinity are St Gabriel’s Primary School, Paya Lebar Methodist Girl’s School, the Maris Stella High School and the NEX Mall all of which are less than 2 kilometres drive from the site.
JLL Singapore’s Yong Choon Fah foresees the redeveloped property becoming popular among young couples and families who look for modern amenities and as this is once in a life opportunity to invest in Serangoon area.
According to her it would be a great option for people who would like to buy a property for pure investment goals given the higher rentals in area.
Choon Kim House’s Tender shall close on 21st May at 2:30 PM.