Completed in 1968, United Mansion in Siglap is located close to Parkway Parade, I12 Katong and various schools. (Photo: Cushman & Wakefield)
The freehold United Mansion development at 592 to 614 East Coast Road has been launched for collective sale at a reserve price of $98 million, marketing agent Cushman & Wakefield said on Monday (9 Apr).
This works out to a land rate of $1,485 psf per plot ratio. Close to 90 percent of the homeowners consented to the sale.
More: Katong Omega Apartments Sold Collectively For $46.3m
Located at Frankel Estate in Siglap, the approximately 55,275 sq ft site is zoned “three-storey mixed landed”, according to the Master Plan 2014. No development charge is payable.
Completed in 1968, United Mansion could be redeveloped into a four-storey apartment with a gross floor area of about 65,975 sq ft. The new development could yield 87 units with an average size of 753 sq ft, subject to relevant authorities’ approval.
Parkway Parade and I12 Katong mall are situated nearby, while established schools like CHIJ Katong Convent, Victoria Junior College and Global Indian International School are within a one-km radius.
Christina Sim, director of capital markets at Cushman & Wakefield, said: “The site will certainly appeal to small and mid-size developers looking for a boutique residential redevelopment opportunity in the highly sought-after Siglap neighbourhood. Currently, there is also an undersupply of saleable units in this locale.”
The tender exercise will close on 9 May.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
