Price has been lowered from the original $22m.
Jansion Mansions will be up for collective sale for $19.8m via public tender starting 18 February after more than 90% of the owners gave their consent to sell the property, real estate agency PropNex said.
According to Tracy Goh, head of investment and collective sales of PropNex, the owners are determined to sell the property after its unsuccessful collective sale in 2018. The price has been lowered from the original asking price of P22m.
Propnex said the reserve price of $19.8 million translates to a land rate of $879 per square foot per plot ratio (psf ppr), inclusive of the development charge and 7% bonus balcony space.
The collective sale tender will close on 23 March 2021 at 3 pm.
Jansen Mansions, located at 25 Jansen Road in the Kovan area, sits on a site spanning 1,541.5 sq m and has a 999-year leasehold tenure starting from 1 September 1876.
Under the Urban Redevelopment Authority's Master Plan 2019, the site is zoned residential with a plot ratio of 1.4. The site has a gross floor area (GFA) of 2,158.1 sq m. Including the bonus balcony space, the total GFA will come up to about 2,309.2 sq m or 24,855.9 sf ft.
The site also provides easy access to public transportation, such as the Kovan MRT station and main roads and expressways, including the Central Expressway, Pan Island Expressway, Kallang-Paya Lebar Expressway as well as a short drive to the Orchard Road shopping belt and the central business district.
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