The 12-unit Jansen Mansion along Jansen Road sits on a 16,592.55 sq ft site. (Photo: Huttons Asia)
Two small condo developments – Jansen Mansion and Blossom Mansions – have joined the collective sale bandwagon, carrying a price tag of $22 million and $32.8 million respectively, revealed marketing agent Huttons Asia.
It noted that the small sites are suitable for boutique developers.
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Located along Jansen Road, the 12-unit Jansen Mansion sits on a 16,592.55 sq ft site zoned residential under the 2014 Master Plan with a gross plot ratio of 1.4 and a height control of up to five storeys.
The 999-year leasehold site can be developed into 21 condominium units averaging about 1,076 sq ft each.
Huttons revealed that a development charge of about $1.14 million is payable to build up to a plot ratio of 1.4, and another $1.74 million for an additional 10 percent balcony space.
Including the development charge, Jansen Mansion’s land rate works out to $996 psf per plot ratio (psf ppr), or $974 psf ppr inclusive of the 10 percent additional balcony space.
All the homeowners at Jansen Mansion have consented to the collective sale, while 90 percent of the owners at Blossom Mansions have agreed to the sale.
Located along Lorong 37 Geylang, Blossom Mansions has a site area of 8,867.30 sq ft. The freehold property is zoned residential/institution under the 2014 Master Plan with a gross plot ratio of 2.8 and a height limit of up to eight storeys.
“The prospective developer can potentially redevelop the site up to the existing gross floor area (GFA) of 25,990.73 sq ft which could possibly yield 34 units of residential apartments averaging about 70 sq m (753 sq ft) each,” said Huttons.
It noted that no development charge is payable for the site due to its high development baseline. With this, the project’s $32.8 million reserve price works out to about $1,262 psf ppr.
The tender for Blossom Mansions and Jansen Mansion will close on 31 July and 2 August respectively.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com