Business

Row of apartments, shops in Phoenix Road sells for $42.6m

A row of apartments and shops in Phoenix Road near Bukit Panjang has been sold en bloc for $42.6 million in the property's second collective sale attempt.

The buyer was CNQC Realty (Treasure), a subsidiary of developer Qingjian Realty (South Pacific) Group, according to marketing agent Colliers International on Monday evening.

The sale price is above the owners' asking price of $42 million and works out to an estimated land rate of $630 per sq ft per plot ratio (psf ppr) after factoring in the estimated differential premium payable.

Each owner could stand to receive estimated gross sale proceeds of $1.08 million to $1.44 million depending on the size of their units, when the sale is completed.

The 36 units in the property are between 83 sq m and 91 sq m.

The property sits on a site of 5,853 sq m, or 63,000 sq ft, at 2/A-B to 24/A-B Phoenix Road.

It comprises 24 apartments and 12 shops in two three-storey blocks, with a 99-year leasehold tenure that started on Jan 1, 1969.

The site is zoned for residential use with a gross plot ratio of 1.4 under the Urban Redevelopment Authority's Draft Master Plan 2019.

Subject to approvals, it could be redeveloped to offer about 80 residential units, with an average size of about 950 sq ft.

District 23, where the property is located, presents "good opportunities" for residential development owing to the limited upcoming supply of private homes in the area, said Mr Steven Tan, director of capital markets and investment services at Colliers International.

Mr Vincent Chia, chairman of the collective sale committee, said: "We are glad that the ageing property can now be redeveloped and have a brand new look." - THE STRAITS TIMES

Property