Group of freehold properties near Serangoon Rd on sale for $134m
A cluster of freehold shophouses, terrace houses and walk-up apartments at the intersection of St George's Road and Serangoon Road is on the market, with a reserve price of $133.66 million.
At that price, owners of the 29 units, spanning a 25,621 sq ft site located near Boon Keng MRT station, are expected to receive between $2.3 million and $10.6 million each.
But a prospective buyer will also have to pay more. The tender, which will start today, comes with two conditions.
The developer has to get in-principle approval from the Singapore Land Authority to purchase some 8,611 sq ft of state land for about $7.6 million within the boundary of the site. The land, which comprise back lanes and roads, has a plot ratio of 1.4.
The developer will also have to get in-principle approval from the Urban Redevelopment Authority (URA) for increasing the plot ratio of the residential plots from 1.4 to 2.8 with development charge payable estimated at $33 million.
If these two conditions are met, the site will have a gross floor area of of 95,850 sq ft. Including the development charge and cost of state land, it will work out to $1,743 per square foot per plot ratio (psf ppr).
The shophouses are zoned residential with commercial use on the first storey.
With a plot ratio of 3, the developer can build up to five storeys. The sale includes three rows of residential units, mostly terrace houses.
Mr Terence Ng, key executive officer at Jie Sheng Housing Agency, said he was not concerned about the Government's recent cooling measures due to the commercial component of the plot.
He added that developers might want to apply to authorities to re-zone the land to commercial and residential use, so it can have more retail units.
The tender will close on Aug 17 at 3pm.
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