12onShan, a high-rise serviced apartment in Novena, has been launched for sale by tender, revealed marketing agents Knight Frank and Savills.
Set to obtain Temporary Occupation Permit (TOP) in Q2 2018, the 16-storey development comprises 78 serviced apartments with 99 rooms. Apartment sizes range between 28 sq m and 62 sq m, with one- to two-bedroom units as well as dual key units.
The development, which was valued at $107 million on a completed basis, sits on a 2,058.20 sq m site that is zoned for residential use under the 2014 Master Plan with a gross plot ratio of 2.8.
A short drive to the Central Business District and Orchard Road, 12onShan is a 25-minute drive to Changi International Airport.
Knight Frank and Savills revealed that the developer has “obtained written permission to operate the development as serviced apartments”.
Knight Frank Singapore executive director and head of investment and capital markets Ian Loh expect 12onShan to benefit “from plans for the upcoming integrated healthcare master plan development, Health City Novena”.
“By 2030, the built-up area for all healthcare facilities and services in the vicinity is projected to double to 600,000 sq m (6.46 million sq ft), up from the current area of 250,000 sq m (2.69 million sq ft),” he said.
The tender for the development will close on 8 March.
This article was edited by Keshia Faculin.