View from Peak Court at Thomson Road. (Photo: Edmund Tie & Co)
Peak Court in Thomson Road is the latest residential project to go en bloc at an asking price of $106 million, after 100 percent of the owners consented to the sale.
Completed in the 1980s, the freehold development only has 20 maisonette units. The asking price works out to a land rate of $1,398 psf per plot ratio.
The approximately 57,350 sq ft site is zoned for residential use with a gross plot ratio of 1.4 under the 2014 Master Plan. It could be redeveloped into an upscale boutique condominium with about 106 units.
The developer also has the option to develop the site into a five-storey serviced apartment or a healthcare development, subject to authorities’ approval.
Located within District 11, Peak Court is close to Novena MRT station and several shopping malls including Novena Square, Square 2 and United Square.
“The 100 percent owners’ consent offers certainty in deal completion timeline,” said Tan Chun Ming, senior director for investment advisory at marketing agent Edmund Tie & Co.
“Furthermore, if serviced apartment approval is granted, Peak Court presents an excellent opportunity for developers to tap on its proximity to the future Health City Novena and Thomson Medical Centre to cater to medical tourists.”
The tender exercise for the site will close on 9 May.
Meanwhile, the ongoing collective sale fever hit new heights on Monday (19 Mar) following the sale of Pacific Mansion in River Valley Close to a GuocoLand and Hong Leong Holdings joint venture for an eye-popping $980 million.
This marks the largest transaction in the current en bloc cycle, exceeding Tampines Court ($970 million) and Amber Park ($907 million).
Check out our project reviews in District 11.