Phoenix Road apartments put up for $42m en bloc sale
It houses 36 83 sqm to 91 sqm units spread over two-three storey blocks.
A row of apartments with commercial shops along Phoenix Road at Bukit Panjang will be put up for collective sale via public tender for $42m on 29 November, an announcement revealed.
The price translates to $617 psf per plot ratio (psf ppr), and $566 psf ppr after factoring in the 7% bonus balcony gross floor area (GFA).
The apartments sit on a 5,853.1 sqm site and houses 36 units spread over two three-storey blocks, of which 24 are apartments and 12 are commercial shops.The 36 units are sized between 83 sqm and 91 sqm, the statement highlighted.
In addition, the development site is located near the Phoenix LRT station, with the Bukit Panjang MRT station and bus interchange closeby.
“The future development should generate keen interest as there have not been many new launches in the area,” Steven Tan, director of capital markets and investment services at Colliers International which is handling the deal, said. “It will likely appeal to diverse groups of buyers including nature lovers who value the the site’s proximity to key transport nodes, lifestyle amenities and numerous schools.”
The announcement also revealed that this will mark the first time that the owners are embarking on an en bloc sale, with each owner standing to receive an estimated gross sale proceeds of $1m to $1.5m upon successful sale of the property.
Under the Master Plan 2014, the site is zoned ‘residential’ and has a gross plot ratio of 1.4. Subject to relevant approvals, it can be redeveloped to offer 84 residential units with an average size of 950 sqft each.
The collective sale tender will close on 17 January 2019 at 3 p.m.