Kovan Apartments up for collective sale for $33mil

Keshia Faculin3 Jan 2018

Kovan Apartments, a four-storey residential development along Kovan Road, has been put up for en bloc sale by tender, with an asking price of $33 million, revealed marketing agent Savills Singapore.

The asking price, however, excludes an estimated development charge of $2.57 million since the site is not fully built to its allowable plot ratio.

Completed around 1995, the 16-unit freehold development has a site area of 21,193 sq ft and a plot ratio of 1.4 under the 2014 Masterplan. It is 700m away from Kovan MRT (NEL) station and is located directly opposite Kovan City, which comprises Heartland Mall, Kovan Market and Food Centre as well as various retail, services and F&B shops.

Nearby schools include DIMENSIONS International College, Hillside World Academy, PLMGS, Maris Stella, Rosyth, Holy Innocents, CHIJ (OLCG) and Serangoon Junior College.

Savills noted that the site may be “redeveloped into a boutique development of gross floor area about 29,670 sq ft with 27 units averaging 1,075 sq ft”.

“For the new owner or developer, they will be able to develop the site into a brand new five-storey boutique development with a basement car park and facilities plus beautiful balconies and roof gardens, subject to approvals,” said Savills Singapore investment sales director Edmund Lee.

Savills expects the site to attract robust interests from established developers and new entrants and wealthy families who are looking to build a multi-generation residence for the family.

The tender for Kovan Apartments will close on 5 February.

 

This article was edited by Keshia Faculin.

POST COMMENT

You may also like these articles

Four condos up for en bloc sale

Derby Court is a freehold condominium development located at 5, Derbyshire Road in District 11 near Novena MRT station. (Photo: JLL) Four residential developments, including the iconic Pearlbank Apart

Continue Reading16 Nov 2017

Kismis View up for en bloc sale for $102mil

Kismis View is a 99-year leasehold condominium development located at District 21. (Photo: JLL)Kismis View along Lorong Kismis within the Upper Bukit Timah area has been put up for en bloc sale, with

Continue Reading23 Nov 2017

Pine Grove en bloc sale sows discord

The present collective sale process of the 660-unit Pine Grove condominium has become the most contentious with many issues emerging following two previous attempts, said 12 residents, reported the St

Continue Reading30 Nov 2017

Park West up for en bloc sale for S$818mil

After two failed attempts at a collective sale in 2007 and 2011, Park West condominium near Clementi MRT station has once again been put up for en bloc sale with an asking price of S$818 million, repo

Continue Reading5 Dec 2017