United Mansion, an apartment within the popular Siglap neighbourhood of District 15, has been put up for collective sale, and owners are asking for a minimum price of S$98 million.
With the collective sale wave still on, the owners are hopeful the tender will be successful. Cushman & Wakefield (C&W) is the designated marketing agent, and the public tender is set to close on May 9, 2018.
According to the agent, the United Mansion site has potential to hold up to 87 apartment units, on condition the average unit is around 753.5 sq ft and necessary approvals are given.
The site size is 55,275 sq ft, and its confirmed gross floor area (GFA) is 65,975 sq ft. As such, it is bound to attract developers whose firms are small or medium-size, because they will normally be looking for opportunities for boutique residential redevelopment.
According to C&W’s director of capital markets, Christina Sim, developers may also like the fact that the property is freehold, as well as the fact it is located within the Siglap neighbourhood, an area on very high demand.
Sim also notes that supply of freehold properties that would suit low-rise residential developments are in short supply in the Siglap/Frankel region.
She adds that even saleable units are currently not enough in the locality.
The land rate for United Mansion, based on the asking price, is estimated to be S$1,485 per sq ft per plot ratio (psf ppr), and no development charge is anticipated.
This was disclosed by C&W, who also said the collective sale has been acceded to by 89.5% of the property owners, both by strata area and share value.
The location of United Mansion has been declared a three-storey mixed landed housing zone in the 2014 Master Plan, but the new developer can still retain the four-storey height the property is in, as well as its current GFA.
United Mansion is a freehold property located at 592 – 614 East Coast Road, District 15 Singapore. This is one of the Hot en bloc zone in Singapore right now with over 6 freehold sites sold including latest Katong Omega.
There are many reasons why Developers may attract to this freehold site:
Developers will definitely, like the fact that connectivity to the area is good, 2 upcoming MRT station, Marine Terrace and Siglap will be build near to the condo site. Not just MRT stations, many bus services provided just outside the condo
Several reputable schools nearby namely CHIJ Katong Convent, Victoria Junior College, Ngee Ann Primary and St Patrick’s School. These schools are just walking distance away
There are plenty of eateries, famous seafood restaurants, gourmet coffee joints and entertainment in the area.
One good thing is that United Mansion is close to East Coast Park which is few mins drive away
Wide range of amenities can be found around the condo including shopping malls, hawker centres, supermarkets, convenience stores, banks, ATMs and clinics
Marina Bay and Central Business District can be reach in mins with the help of East Coast Parkway (ECP) Expressway.
It’s a Freehold property in good location with plenty of amenities and best of all no development charge involved