In the event of a successful collective sale, the owners are expected to receive more than $1 million to $1.5 million in sales proceeds, depending on the size of their units.
St Francis Court, an 11-storey residential development at 90 Saint Francis Road, has been put up for collective sale with the owners expecting offers of $95 million, revealed marketing agent ERA Realty.
Featuring 71 apartment units, the 99-year leasehold property is nestled on a 34,111.12 sq ft site that has a gross plot ratio of 2.8 under the 2014 Master Plan.
It is located near the Boon Keng MRT station and is about five to 10 minutes away to the city centre, Orchard Shopping Belt and central business district (CBD) via the Central Expressway (CTE).
ERA noted that the site could be redeveloped into 100 to 110 units. The Land Transport Authority has also confirmed that it would not require a pre-application feasibility study for the proposed development, it added.
“More than 80 percent of the subsidiary proprietors of St. Francis Court by share value and by strata area have signed the collective sale agreement. The site has 72 years left on its lease,” said ERA Realty division director Stanley Koo.
ERA further revealed that no differential premium is payable for the site – subject to confirmation from URA/SLA – while intensification and top up for a fresh 99 years lease is estimated at around $9 million to $10 million.
In the event of a successful collective sale, the owners are expected to receive more than $1 million to $1.5 million in sales proceeds, depending on the size of their units.
The tender for St Francis Court closes on 6 June.
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email fiona@propertyguru.com.sg
