Phoenix Heights sold en bloc for $31.1m

It has a leasehold tenure of 99 years and a site area of 3,971.9 sq m.

The 3,971.9 sq m Phoenix Heights condominium was bought for $31.1m by engineering firm OKP Holdings, an announcement revealed.

OKP subsidiary USB Holdings eyes to redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities.

Located in Bukit Panjang, Phoenix Heights has a leasehold tenure of 99 years with effect from 1969. According to an announcement, USB targets to apply to the Singapore Land Authority (SLA) for a grant of a fresh 99-year lease for the property.

According to PropertyGuru, the property has 32 units.

The firm has already paid a tender deposit of $180,000. Moreover, $3.1m of the total price is payable within 14 days after the date of acceptance whilst the remaining $29.79m should be settled 12 weeks after the deal was made.