The developer can turn the site into a five-storey serviced apartment or a healthcare property.
Edmund Tie & Company launched the freehold collective sale site Peak Court for sale by tender at an asking price of $106m. The development was completed in the 1980s and comprises of only 20 maisonette units.
According to a press release, the subject property has a land area of approximately 5,328 sqm (57,350 sqft) and is zoned for residential use at Gross Plot Ratio of 1.4 under the URA Master Plan 2014.
The asking price reflects a land rate of $1,398 psf ppr, or $1,342 psf, on the maximum potential gross floor area (GFA), including the 10% bonus balcony area.
ET&Co noted that the developer will also have the flexibility to develop the site into a five-storey serviced apartment or a healthcare development, subject to authorities’ approval. “The site is ideal for redevelopment into an upscale resort-like boutique condominium project with about 106 units. It also overlooks a two-storey landed enclave, which provides unobstructed panoramic views of the surrounding area,” it said.
“With the Novena MRT station a short distance away, the property also enjoys excellent connectivity to other parts of Singapore via major roads and expressways such as the main Thomson Road, Balestier Road, and the Pan Island Expressway (PIE),” it added.
Peak Court is near the Central Business District and the Orchard Road shopping belt. Schools like Anglo-Chinese School (Primary), CHIJ Primary (Toa Payoh), and St Joseph’s Institution Junior are located within a kilometre. The site is also in proximity to Novena Square, Square 2, United Square, and Zhongshan Mall.
Senior director for investment advisory Tan Chun Ming said, “The site offers flexibility for developers with the choice of serving young families who look to be close to schools, or expatriates and working adults who wish to be close to the future health hub and CBD. The 100% owners’ consent offers certainty in deal completion timeline.”
“Furthermore, if serviced apartment approval is granted, Peak Court presents an excellent opportunity for developers to tap on its proximity to the future Health City Novena and Thomson Medical Centre to cater to medical tourists. They may even explore incorporating services such as postnatal confinement, pre and post treatments, etc,” he said.
The tender exercise for the site will close on Wednesday, 9 May 2018 at 3 p.m.
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