A four-story freehold residential building along Kovan Road, has recently been up for en bloc sale. Kovan Apartments was saddled with an asking price of $33 million – as revealed by marketing agent Savills Singapore.
That price however, isn’t all inclusive. Excluded is an estimated development fee of $2.57 million, bringing the building to its allowed plot ratio.
With the development fee add on, the price will be around S$1,199 psf ppr.
The 16-unit freehold development sits on a site of 21,193 square feet. Having been built in 1995 with a plot ratio of 1.4.
It’s conveniently located opposite of Kovan City, about 10 mins walking away from Kovan MRT (NEL) station. Within close range of Heartland Mall, Kovan Market and a wide array of other services and shops.
Savills Singapore investment sales director, Edmund Lee would like to see the development be revamped into a new five story boutique. Fitted with a basement car garage, beautiful balconies and fantastic rooftop gardens the property could gleam. All these are subject to approval from Authority.
The conveniences and benefits extend far beyond the obvious as there are more than a few nearby schools including;
Xinghua and Zhonghua primary schools which are the nearest to Kovan Apartments. Beside there are DIMENSIONS International College, Maris Stella, Rosyth, Paya Lebar Methodist Girls, Holy Innocents, CHIJ (OLCG) Hillside World Academy, PLMGS and Serangoon Junior College.
Kovan Apartments is a great potential site that can redevelop into grand new boutique development with a gross floor area of 29,670 square feet and hold 27 units each comprised of 1,075 square feet, said Savills.
The site is expected to attract quite a buzz of interest as established and small businesses alike look to establish a foothold in a booming area. It may also have the potential to draw the interest of Rich families seeking a property to create a family estate in the bustling neighbourhood.
Tender will close on Kovan Apartments February 5th.