The proprietors of some row of flats and shops at Phoenix Road in Bukit Panjang are setting their properties up for collective sale for another time on Thursday (June 27) having an unchanged indicative cost of $42 million.
Owing to some larger estimated differential premium, this works a greater land rate of $621 per square foot per plot ratio (psf ppr)up from $617 psf ppr at the prior tender exercise, stated that the property’s advertising representative Colliers International.
It includes 12 stores spread over also a tenure that began from Jan 1, 1969 along with two blocks and 24 flats.
The 36 units at the land are sized involving 83 sq m and 91 sq m. Each operator will endure to get estimated gross sale earnings of $1 million to $1.5 million on an effective sale.
The website is zoned residential and contains a gross plot ratio of 1.4 beneath the Urban Redevelopment Auhtority’s 2019 Draft Master Plan.
Subject to approvals that were pertinent, the website may be redeveloped to provide roughly 80 units
The property is close to Phoenix LRT station along with also an eight-minute walk from the Bukit Panjang MRT station and bus interchange.
Amenities in the Region and colleges in the Region include Hillion Mall, Bukit Panjang Plaza and Junction 10 and Pioneer Junior College, ITE College West and Choa Chu Kang Secondary, respectively.
Based on Colliers Research, north-west Singapore’s District 23 – in which the land is situated – has a source pipeline of 1,831 non-landed residential units, which is one of the cheapest forthcoming supply in contrast to other regions such as Districts 19 to 20 in north-east Singapore (8,735 units).
Phoenix Road row of flats put up for en bloc sale for $42m
“We have received information concerning the website before and expect it to continue to draw interest,” explained Steven Tan, manager of capital markets and investment solutions, Colliers International.
“This website – in District 23 – presents a fantastic chance for the successful tenderer to make an exclusive residential development in a place which has a limited source of new private housing units”
Vincent Chia, chairman of their house’s collective sale ministry, stated:”The owners have kept up with all the information and understand the collective sale marketplace has been quite challenging.
“That said, we’re sincere about placing the land on the industry and would love to get another go at it until the Collective Sale Agreement expires later this season.”
Its tender will close on July 25 at 3pm.