Freehold property at Haig Road sold at $49.3m via collective sale
The 173-178 Haig Road (Odd Nos.) is composed of 24 units.
A freehold residential site comprising 24 flats at 173-178 Haig Road (Odd Nos.) has been sold through a tender process, with the winning bid at $49.3m, according to investment management firm Colliers.
In a statement, Colliers said the winning bid for the four-storey residential building covering an area of 2,544.5 square metres, translates to a land rate of $1,286 per square feet per plot ratio, adding that no development charge is payable.
The 173-183 Haig Road (Odd Nos.) is participating in a collective sale under Section 84D of the Land Titles Strata Act.
Colliers said the winning bid was offered by Nanshan Group, which has an established track record of residential developments in the Lion City which include Thomson Impressions and Stirling Residences.
The site is zoned for residential use with a gross plot ratio of 1.4, under the Master Plan 2019, according to Colliers, noting that the sale price was higher than the owners’ asking price of $48m.
Colliers said the redevelopment site is a corner plot that has a dual frontage on both Haig Road and Seraya Lane. The property is within the same locality of several top schools and within close proximity to premium lifestyle amenities such as the Katong Shopping Centre, I12 Katong and Paya Lebar Commercial Hub.
It is also near major roads and expressways including Mountbatten Road, Tanjong Katong Road, Kallang-Paya Lebar Expressway and East Coast Parkway. Its sale is subject to the approval of the Strata Titles Board.