Business

Choon Kim House in Upper Serangoon Road up for collective sale

The collective sale bandwagon rolls on with freehold Choon Kim House in Upper Serangoon Road.

Owners of the four-storey, mixed-use development expect bids above $55 million, said marketing agent JLL yesterday.

That would be a land rate of $1,287 per square foot per plot ratio (psf ppr) or $1,257 psf ppr after factoring in the 10 per cent bonus balcony for the residential component. It also includes an estimated development charge of $4.9 million.

JLL said the location offers an "opportunity for owner-occupiers who are looking for a freehold building at a manageable quantum in a central location".

Choon Kim House at 780 Upper Serangoon Road was completed in the early 2000s and consists of 20 commercial units and 10 apartments with 19 basement car park spaces.

The 14,988 sq ft site is zoned commercial and residential, with a gross plot ratio of 3.0.

It could support a total gross floor area of 47,661 sq ft, inclusive of the 10 per cent bonus balcony area. That could accommodate 35 homes and 22 commercial units, assuming a 60:40 mix, JLL said.

Choon Kim House is near the Serangoon bus and MRT interchange. Nex mall and schools such as Paya Lebar Methodist Girls' School and Maris Stella HighSchool are nearby.

The tender closes at 2.30pm on May 21. - THE STRAITS TIMES

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