The site can yield 87 apartment units with an average size of 70 sqm.
United Mansion at 592 to 614 East Coast Road has been put up for collective sale at a reserve price of $98m or $1,485 psf ppr, Cushman & Wakefield revealed. About 89.5% of the owners have agreed to the sale.
According to an announcement, United Mansion is a freehold site with a land area of 5,135.2 sq m (55,275 sqft). The site is within a three-storey mixed landed housing area and is allowed to retain its current four-storey building height along with its verified Gross Floor Area of 6,129.33 sqm (65,975 sqft).
The site can potentially yield 87 apartment units with an average size of 70 sq m gross floor area, subject to relevant authorities’ approval.
The site accessible via the Pan Island Expressway (PIE) and the East Coast Parkway (ECP) which also directly connects to the Raffles Place Central Business District and Downtown Core.
C&W noted that the property is within walking distance from the Siglap neighbourhood, with plenty of eateries, gourmet coffee joints, lifestyle, creative and enrichment centres for children. “Parkway Parade and I12 Katong mall as well as the charming heritage shophouses in the Siglap, Joo Chiat and Katong areas which hosts an eclectic mix of classy restaurants, boutique cafes and food centres for local bites is also a short drive away,” it added.
The development is also near schools such as Ngee Ann Primary School, CHIJ Katong Convent, St. Patrick School, and Victoria Junior College.
There is a limited supply of freehold low-rise residential sites in the Siglap/ Frankel Estate locality, said C&W capital markets director Christina Sim. “The site will certainly appeal to small and mid-size developers looking for a boutique residential redevelopment opportunity in the highly sought-after Siglap neighbourhood. Currently, there is also an undersupply of saleable units in this locale,” she added.
The tender will close on 9 May 2018 (Wednesday) at 3 p.m.
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