Pomex Court a freehold residential development in District 15, sold en bloc for S$37.6 million.
It was sold above asking price of S$37 million which the owners launched for its public tender in Feb 22 this year 2018.
The Sale price translate to S$1,014 psf ppr with no development charge is involved. Announced by key executive officer, Alvin Er of Century 21 House & Home Property.
The freehold site in District 15 is bought by K16 Development whose shareholders names are Yang Hui’en and Irawan Gawain.
Pomex Court is located very near to upcoming Paya Lebar Central, a major bustling commercial centre which interests the buyer along with many amenities within the area.
For the redevelopment plan, the freehold site may develop into 5-storey new project comprise of 34 units with unit size of 100 sqm said Mr Er.
A public tender for Pomex Court is set to be launched on Feb 22, 2018 and to close on Mar 21. This was disclosed by Century21, the property agent, who also stated how lucky a developer would be to acquire a development site within one of Singapore’s pioneer towns.
Owners of this property that was built in 1986 want nothing less than S$37 million, a reserve price that leads to a land rate of S$998 per square foot per plot ratio (psf ppr).
Pomex Court is an apartment within Joo Chiat estate, located along 50 Lorong 101 Changi Road within District 15.
The area has precious history, and that alone might be an attraction to would-be developers. The property also has the advantage of being freehold, where the issue of lease upgrade costs does not arise.
Owners of Pomex Court May Earn Up To S$2.2m
Owners of this site that measures 26,471 sq ft are likely to take home amounts ranging from S$1.5 to S$2.2 million, if the apartment is scooped at the reserve price, and more if the highest bid exceeds the reserve price.
Part of the interesting history associated with Pomex Court includes the fact it became a settlement a long time ago, and the first occupiers of the land were Europeans who lived there before 1917.
Later ownership of the land changed hands, and now visitors to the area cherish the mix of cultures in the region that include Malay, Indian, Peranakan, and Eurasian.
It may interest visitors to learn that today’s Joo Chiat Road used to be referred to as Confederate Estate Road, and the name change only occurred when the land was acquired by a local, Chew Joo Chiat.
The area is easily accessible, with the Eunos and Paya Lebar MRTs close by. Also luckily for the developer, the area is currently zoned as residential, and with the allowed gross plot ratio being 1.4, new housing units can be developed up to five storeys.
- It’s a freehold site in hot zone (District 15)
- The asking price S$998 psf ppr is very attractive to the developers and is one of the lowest in the en bloc market
- Many new developments around this area including upcoming Wisma Geylang Serai
- Paya Lebar Centralwill soon become a major bustling commercial centre, Pomex Court is located very near to it
- The nearest MRT Eunos and Paya Lebar, is around 10 to 15 mins walk away, Eunosville which was sold last year is their neighbour
- Numerous good restaurants and well-known eateries establishment can be found within the area
- Pomex Court is close to One Km Mall and Paya Lebar Square
- Nearby schools will be Tanjong Katong and Eunos Primary. Haig Girl’s School will be the nearest
- It’s a great potential site for redevelopment