The site is located near Phoenix LRT station and Bukit Panjang MRT station and bus interchange. (Photo: Colliers International)
A row of apartments with commercial shops along Phoenix Road in Bukit Panjang has been put up for collective sale with an indicative price of $42 million, revealed marketing agent Colliers International.
This works out to a land rate of $617 psf per plot ratio (psf ppr), or $566 psf ppr after taking into account the seven percent bonus balcony gross floor area. No development charge is payable.
With a 99-year leasehold tenure that began on 1 January 1969, the property comprises a row of 36 units, 12 commercial shops and 24 apartments spread across two three-storey blocks. Each unit measures between 83 sq m and 91 sq m.
The properties sit on a 5,853.1 sq m site zoned residential under the 2014 Master Plan with a gross plot ratio of 1.4. The site could yield 84 new housing units averaging 950 sq ft each, subject to the relevant authority’s approval.
Located near Phoenix LRT station, the property is just eight minutes’ walk to Bukit Panjang MRT station and bus interchange. It is well-served by major arterial roads, Bukit Timah Expressway, the Kranji Expressway and the Pan Island Expressway. The Tuas Checkpoint is a 20-minute drive away.
Colliers noted that each owner stands to receive about $1 million to $1.5 million in gross sale proceeds upon the successful sale of the property.
“The interesting location of this residential site near the verdant rainforest of the Bukit Timah Nature Reserve and the green Rail Corridor would offer the successful tenderer an opportunity to create a cosy retreat with unblocked views of the lush greenery. It could be an urban oasis that is one with nature, yet providing the very best of modern living. In addition, the future development should generate keen interest as there have not been many new launches in the area,” said Steven Tan, director of capital markets & investment services at Colliers International.
He expects the property to appeal to diverse groups of buyers, including nature lovers who value the proximity of the site to lifestyle amenities, key transport nodes and various schools.
The collective sale tender for the property closes on 17 January.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org