Freehold site at Marine Parade for sale

A freehold site on Marine Parade Road near Parkway Parade, which holds a 113-year-old conservation bungalow, has been put up for sale by tender with a price expectation of approximately S$100 million to S$110 million.

This translates to around S$1,164 psf to S$1,262 psf of potential gross floor area (GFA) inclusive of an estimated S$19.5 million development charge (DC), assuming the new development site has a GFA of 102,648 sq ft, according to Karamjit Singh, Managing Director of Credo Real Estate.

The 47,400 sq ft site can yield a new condo of around 98 units averaging 1,000 sq ft each. The conservation bungalow may serve as a clubhouse in the project. Otherwise, it could be sold as a strata unit.

The properties released for sale are 42 A/B/C/D/E/F East Coast Road — comprising a three-storey block of six apartments and servants’ quarters — and No 37 Marine Parade, where the conservation bungalow is located.

The two adjacent plots have a total land area of 47,400 sq ft and are being launched for sale by the estate of the late Eric Choa.

Built in 1898 by Choa Kim Keat, the conservation bungalow was occupied by the Choa family, except for a few years during World War II. The bungalow was formerly called Sea Breeze Lodge.

Mr. Choa was a key person in the early days of Straits Trading Company. He was also the husband of the late Mr. Tan Tock Seng's granddaughter.

The tender for the property will close on 6 June 2011.

Meanwhile, Spring Court and the adjoining Spring Mansion in the Balestier area were sold under an en bloc sale last month for a combined price of S$74 million, which works out to around S$794 psf of potential GFA.

Located on the same freehold 32,593 sq ft plot, the two properties have different zonings under Master Plan 2008. One is zoned for residential and commercial use, with a 3.0 plot ratio (ratio of maximum GFA to land area), while the other is zoned for residential use with a 2.8 plot ratio.

The buyer of Spring Court and Spring Mansions is a consortium comprising 2E Capital, Nobel Design Holdings and Lian Huat Group.

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