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.